Maximus Strategic Land Limited - Period Ending 2017-03-31

Registration number: 06854811

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Maximus Strategic Land Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

Maximus Strategic Land Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Maximus Strategic Land Limited

Company Information

Directors

Mr J Hickton Mr S A M Corner

Company secretary

Mr Lee Turner

Registered office

The Estate Office Thorngrove Sinton Green Worcester Worcestershire WR2 6NP

Accountants

Titanium Accountants Limited 8th Floor, Newater House 11 Newhall Street Birmingham West Midlands B3 3NY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Maximus Strategic Land Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Maximus Strategic Land Limited for the year ended 31 March 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that Maximus Strategic Land Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Maximus Strategic Land Limited. You consider that Maximus Strategic Land Limited 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 accounts of Maximus Strategic Land Limited. 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 accounts.

......................................

Titanium Accountants Limited
8th Floor, Newater House
11 Newhall Street
Birmingham
West Midlands
B3 3NY

20 December 2017

Page 2

Maximus Strategic Land Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Loss for the year		(25)	(59)
Total comprehensive income for the year		(25)	(59)

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Maximus Strategic Land Limited

(Registration number: 06854811)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Current assets
Debtors	4	2,013,668	1,575,202
Cash at bank and in hand		212	17,704
		2,013,880	1,592,906
Creditors: Amounts falling due within one year	5	(2,058,216)	(1,637,217)
Net liabilities		(44,336)	(44,311)
Capital and reserves
Called up share capital		1,500	1,500
Profit and loss account		(45,836)	(45,811)
Total equity		(44,336)	(44,311)

For the financial year ending 31 March 2017 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 financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 December 2017 and signed on its behalf by:
 

.........................................

Mr J Hickton

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Maximus Strategic Land Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	1,500	(45,811)	(44,311)
Loss for the year	-	(25)	(25)
Total comprehensive income	-	(25)	(25)
At 31 March 2017	1,500	(45,836)	(44,336)

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	1,500	(45,752)	(44,252)
Loss for the year	-	(59)	(59)
Total comprehensive income	-	(59)	(59)
At 31 March 2016	1,500	(45,811)	(44,311)

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Maximus Strategic Land Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
The Estate Office
Thorngrove
Sinton Green
Worcester
Worcestershire
WR2 6NP

These financial statements were authorised for issue by the Board on 20 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 6

Maximus Strategic Land Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Maximus Strategic Chipping Sodbury LLP	The Estate Office Thorngrove Sinton Green Worcester WR2 6NP	Designated Member	100%	100%
	England & Wales
Maximus Strategic Stafford LLP	The Estate Office Thorngrove Sinton Green Worcester WR2 6NP	Designated Member	100%	100%
	England & Wales

The principal activity of Maximus Strategic Chipping Sodbury LLP is property development

The principal activity of Maximus Strategic Stafford LLP is property development.

Further details of the investment are provided in the related parties note below.

Page 7

Maximus Strategic Land Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4

Debtors

	Note	2017 £	2016 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6	2,013,668	1,575,202
Total current trade and other debtors		2,013,668	1,575,202

5

Creditors

	Note	2017 £	2016 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	6	2,058,216	1,637,217

6	Related party transactions

Summary of transactions with subsidiaries

The Company is a member of both Maximus Strategic Chiiping Sodbury LLP and Maximus Strategic Stafford LLP, both of which are incorporated in England & Wales. The Company is entitled to 100% of both entities profits.
 

Summary of transactions with other related parties

The Company's shareholders are all Limited Companies incorporated in England and Wales, namely Aequus Land Limited and Maximus Group Limited. and North Oak Homes Limited. The Company has also loaned monies from North Oak Homes Limited, a company controlled by Mr J Hickton, a director of the Company.
 

Loans to related parties

2017	Subsidiary £
At start of period	1,575,202
Advanced	438,466
At end of period	2,013,668

2016	Subsidiary £
At start of period	1,171,034
Advanced	404,168
At end of period	1,575,202

Page 8

Maximus Strategic Land Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Terms of loans to related parties

The above loans are interest free and are included in debtors; amounts falling due after more than one year
 

Loans from related parties

2017	Other related parties £
At start of period	1,637,217
Advanced	420,999
At end of period	2,058,216

2016	Other related parties £
At start of period	1,217,959
Advanced	419,258
At end of period	1,637,217

Terms of loans from related parties

The amounts due to shareholders were advanced to the Company under the terms of a loan stock instrument dated 5th June 2009 and are shown in Creditors: Amounts falling due after more than one year.

Page 9

Maximus Strategic Land Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7	Transition to FRS 102

The Company transitioned to FRS 102 (Section 1A) from previously extant UK GAAP as at 1 April 2015. The impact of the transition to FRS 102 (Section 1A) is as follows;

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Debtors		1,171,034	-	-	1,171,034
Cash at bank and in hand		2,673	-	-	2,673
		1,173,707	-	-	1,173,707
Creditors: Amounts falling due within one year		(1,217,959)	-	-	(1,217,959)
Net liabilities		(44,252)	-	-	(44,252)
Capital and reserves
Called up share capital		(1,500)	-	-	(1,500)
Profit and loss account		45,752	-	-	45,752
Total equity		44,252	-	-	44,252

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Current assets
Debtors		1,575,202	-	-	1,575,202
Cash at bank and in hand		17,704	-	-	17,704
		1,592,906	-	-	1,592,906
Creditors: Amounts falling due within one year		(1,637,217)	-	-	(1,637,217)
Net liabilities		(44,311)	-	-	(44,311)
Capital and reserves
Called up share capital		(1,500)	-	-	(1,500)
Profit and loss account		45,811	-	-	45,811
Total equity		44,311	-	-	44,311

Page 10