Maxin Limited Small abbreviated accounts

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COMPANY REGISTRATION NUMBER 02785390

MAXIN LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 March 2016

CARSTON

Chartered Accountants

1st Floor, Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

MAXIN LIMITED

ABBREVIATED BALANCE SHEET

31 March 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Tangible assets			422,505	422,234
Investments			3,059,999	3,059,999
			-------------	-------------
			3,482,504	3,482,233
			-------------	-------------

CURRENT ASSETS

Debtors	1,685		1,685
Investments	85,418		100,697
Cash at bank and in hand	37,874		36,659
	----------		----------
	124,977		139,041
CREDITORS: Amounts falling due within one year	181,997		202,063
	----------		----------
NET CURRENT LIABILITIES		( 57,020)	( 63,022)
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,425,484	3,419,211

CREDITORS: Amounts falling due after more than one year	1,803,794	1,849,696
	-------------	-------------
	1,621,690	1,569,515
	-------------	-------------

CAPITAL AND RESERVES

Called up equity share capital	3	80,000	80,000
Revaluation reserve		1,371,629	1,371,629
Profit and loss account		170,061	117,886
		-------------	-------------
SHAREHOLDERS' FUNDS		1,621,690	1,569,515
		-------------	-------------

For the year ended 31 March 2016 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 accounts for the year in question in accordance with section 476; and

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

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 15 December 2016 , and are signed on their behalf by:

Mr T Flight Mr H Stealey

Company Registration Number: 02785390

MAXIN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 MARCH 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises amounts receivable in the ordinary course of business from the principal activities of the company, exclusive of value added tax and discounts where applicable.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

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

Leasehold Property-Over the term of the lease

Plant & Machinery-Over 5 to 10 years

Motor Vehicles-Over 4 years

Investment properties

In accordance with SSAP 19,

(i) investment properties valuations are reviewed on an annual basis and formal revaluations completed every 3 years, the aggregate surplus or deficit is transferred to a revaluation reserve, unless the investment revaluation reserve is insufficient to cover a permanent deficit in which case the amount by which the permanent deficit exceeds the investment revaluation reserve is charged to the profit and loss account, and (ii) no depreciation is provided in respect of investment properties.

The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with generally accepted accounting principles set out in SSAP19. The directors consider that to depreciate such properties would not give a true and fair view, but a true and fair view is given by following SSAP19 as described above.

If this departure had not been made the profit for the financial year would have been reduced by depreciation on the revalued properties of £61,200 (2014 £61,200).

2. FIXED ASSETS

Tangible Assets	Investments	Total
£	£	£

COST OR VALUATION

At 1 April 2015	1,232,069	3,059,999	4,292,068
Additions	17,950	–	17,950
	-------------	-------------	-------------
At 31 March 2016	1,250,019	3,059,999	4,310,018
	-------------	-------------	-------------

DEPRECIATION

At 1 April 2015	809,835	–	809,835
Charge for year	17,679	–	17,679
	----------	----	----------
At 31 March 2016	827,514	–	827,514
	----------	----	----------

NET BOOK VALUE

At 31 March 2016	422,505	3,059,999	3,482,504
	----------	-------------	-------------

At 31 March 2015	422,234	3,059,999	3,482,233
	----------	-------------	-------------

Fixed asset property investments were valued on an open market value basis, by request of the company's bankers, in November 2010 by Andrew Forbes Ltd - Chartered Valuation Surveyors. Land purchased as an investment has retained its market value from a valuation in September 2006 by Moore, Wood & Cockram. The company's bankers did not require this particular asset to be revalued due to its static status since the last valuation was undertaken. The historical cost of the Investment Property and Land is £1,703,966 (2014 - £1,703,966).

3. SHARE CAPITAL

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	80,000	80,000	80,000	80,000
	---------	---------	---------	---------