Maximus Group Limited Filleted accounts for Companies House (small and micro)

MAXIMUS GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04550254

Maximus Group Limited

Filleted Unaudited Financial Statements

30 September 2023

Maximus Group Limited

Officers and Professional Advisers

The board of directors	Mr J Hickton
	Mrs A Passey

Registered office	The Estate Office
	Thorngrove
	Sinton Green
	Worcestershire
	WR2 6NP

Accountants	Griffiths & Pegg Limited
	Chartered Accountants
	3 Hagley Court South
	Waterfront East
	Level Street
	Brierley Hill
	West Midlands
	DY5 1XE

Bankers	Handelsbanken
	Worcester Branch
	Unit 4
	The Triangle
	Wildwood Drive
	Worcester
	WR5 2QX

Maximus Group Limited

Statement of Financial Position

30 September 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	211	315
Investments	6	100	100
		----	----
		311	415

Current assets

Stocks		408,741	428,741
Debtors	7	490,779	509,850
Cash at bank and in hand		10,663	2,705
		---------	---------
		910,183	941,296

Creditors: amounts falling due within one year	8	2,280,503	2,277,324
		------------	------------
Net current liabilities		1,370,320	1,336,028
		------------	------------
Total assets less current liabilities		( 1,370,009)	( 1,335,613)
		------------	------------
Net liabilities		( 1,370,009)	( 1,335,613)
		------------	------------

Capital and reserves

Called up share capital	2,882,284	2,882,284
Profit and loss account	( 4,252,293)	( 4,217,897)
	------------	------------
Shareholders deficit	( 1,370,009)	( 1,335,613)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th September 2023 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Maximus Group Limited

Statement of Financial Position (continued)

30 September 2023

These financial statements were approved by the board of directors and authorised for issue on 4 June 2024 , and are signed on behalf of the board by:

Mr J Hickton

Director

Company registration number: 04550254

Maximus Group Limited

Notes to the Financial Statements

Year ended 30th September 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Estate Office, Thorngrove, Sinton Green, Worcestershire, WR2 6NP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the reasons set out below. The trustees of the majority shareholder, The G J Hickton Discretionary Will Trust and the beneficiaries of this trust, all of whom are significant creditors of the Company, have pledged to continue with their financial support of the Company for at least twelve months from the date on which these financial statements are signed.

Disclosure exemptions

No cash flow statement has been presented for the company.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Revenue from the sale of property or land held within stocks is recognised upon legal completion. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated costs.

Tangible 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	-	33% reducing balance
Fixtures and fittings	-	33% reducing balance
Equipment	-	33% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1st October 2022 and 30th September 2023	130,580	43,850	70,571	245,001
	---------	--------	--------	---------
Depreciation
At 1st October 2022	130,326	43,832	70,528	244,686
Charge for the year	84	6	14	104
	---------	--------	--------	---------
At 30th September 2023	130,410	43,838	70,542	244,790
	---------	--------	--------	---------
Carrying amount
At 30th September 2023	170	12	29	211
	---------	--------	--------	---------
At 30th September 2022	254	18	43	315
	---------	--------	--------	---------

6. Investments

	Shares in participating interests
	£
Cost
At 1st October 2022 and 30th September 2023	100
	----
Impairment
At 1st October 2022 and 30th September 2023	–
	----

Carrying amount
At 30th September 2023	100
	----
At 30th September 2022	100
	----

Investments in associates and joint ventures

Representing: Shares Proportion Nature of of voting Business rights Maximus Strategic Land Limited 100 6% Property Development

7. Debtors

	2023	2022
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	490,779	504,902
Other debtors	–	4,948
	---------	---------
	490,779	509,850
	---------	---------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	578	11,008
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,637,187	1,627,468
Social security and other taxes	1,390	–
Other creditors	641,348	638,848
	------------	------------
	2,280,503	2,277,324
	------------	------------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2023	2022
	£	£
Mr J Hickton	( 311,390)	( 311,390)
Mrs A Passey	( 327,458)	( 327,458)
	---------	---------
	( 638,848)	( 638,848)
	---------	---------

10. Related party transactions

The Company has taken advantage of exemption, under the terms of FRS 102, not to disclose related party transactions with wholly owned subsidiaries within the Group. The company has made loans to an Associated Company amounting to £254,148 (2022: £273,271). The monies advanced have been granted on an unsecured, interest free basis and are repayable on demand. During the year end £19,123 was repaid. The Company has made loans to a Trust in which both the directors are beneficiaries, amounting to £9,000 (2022; £9,000). The monies advanced have been granted on an unsecured, interest free basis and are repayable on demand. The Company has received loans from a pension scheme in which a director is a trustee totalling £22 (2022; £Nil). The Company has made loans to a Partnership in which the directors have an interest, amounting to £227,631 (2022; £222,631). The loans have been made on an unsecured, interest free basis and are repayable on demand. The Directors have made loans to the Company totalling £638,848 (2022; £638,848) All monies advanced by the Directors are on an unsecured, interest free basis and are repayable on demand. The company has received various loans from Trusts, and Beneficiaries of those Trusts totalling £1,601,902 (2022: £1,594,402). All monies advanced by these related parties are on an unsecured interest free basis and are repayable on demand. The company has received a loan from a company with a common director totalling £35,263 (2022; £33,067). All monies advanced by these related parties are on an unsecured interest free basis and are repayable on demand.