Company registration number 03625904
Max UK Limited
Audited Financial Statements
For the year ended
31 March 2023
Max UK Limited
Contents
Page
Company information
1
Director's report
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8 - 13
Max UK Limited
Company Information
- 1 -
Director
L. Binge
Secretary
L. Binge
Company number
03625904
Registered office
Auditor
Riches & Company
Chartered Accountants & Statutory Auditor
34 Anyards Road
Cobham
Surrey
KT11 2LA
Max UK Limited
Director's Report
For the year ended 31 March 2023
- 2 -
The director presents his annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of acting as a representative office for members of the Max group.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
L. Binge
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has taken advantage of the exemption available under section 414B of the Companies Act 2006 to small companies forming part of ineligible groups and has not presented a strategic report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
L. Binge
Director
5 June 2023
Max UK Limited
Independent Auditor's Report
To The Member Of Max UK Limited
- 3 -
Opinion
We have audited the financial statements of Max UK Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
Max UK Limited
Independent Auditor's Report (Continued)
To The Member Of Max UK Limited
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety and employment law.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
Max UK Limited
Independent Auditor's Report (Continued)
To The Member Of Max UK Limited
- 5 -
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines, in particular cut-off, for evidence of management bias.
Obtaining third-party confirmation of material bank and loan balances.
Reviewing other documentation for irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Rebecca White BSc FCA (Senior Statutory Auditor)
For and on behalf of Riches & Company
Chartered Accountants
Statutory Auditor
34 Anyards Road
Cobham
Surrey
KT11 2LA
5 June 2023
Max UK Limited
Statement Of Income And Retained Earnings
For the year ended 31 March 2023
- 6 -
2023
2022
Notes
£
£
Turnover
3
88,345
88,706
Administrative expenses
(134,425)
(111,709)
Other operating income
4,300
Operating loss
4
(46,080)
(18,703)
Interest receivable and similar income
6
128
9
Loss before taxation
(45,952)
(18,694)
Tax on loss
8
(3,317)
(2,068)
Loss for the financial year
(49,269)
(20,762)
Retained earnings brought forward
(119,777)
(99,015)
Retained earnings carried forward
(169,046)
(119,777)
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 8 to 13 form part of these financial statements.
Max UK Limited
Statement Of Financial Position
As at 31 March 2023
- 7 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
10
89,775
88,706
Cash at bank and in hand
66,424
124,704
156,199
213,410
Creditors: amounts falling due within one year
11
(25,503)
(33,445)
Net current assets
130,696
179,965
Capital and reserves
Called up share capital
12
299,742
299,742
Profit and loss reserves
(169,046)
(119,777)
Total equity
130,696
179,965
The notes on pages 8 to 13 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 June 2023
L. Binge
Director
Company Registration No. 03625904
Max UK Limited
Notes To The Financial Statements
For the year ended 31 March 2023
- 8 -
1
General information
Max UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Max India Limited. These consolidated financial statements are available from its registered office,167 Floor - 1, Plot 167 Ready Money Terrace, Dr Annie Besant Road, Worli, Mumbai 400018, India.
2.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover shown in the profit and loss account represents amounts receivable from the reimbursement of expenses incurred during the year, exclusive of value added tax.
Max UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
2
Accounting policies
(Continued)
- 9 -
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.6
Taxation
The tax expense represents the sum of the tax currently payable. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
2.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Max UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
2
Accounting policies
(Continued)
- 10 -
2.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
2.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Recharge of expenses
88,345
88,706
2023
2022
£
£
Turnover analysed by geographical market
Non EU countries
88,345
88,706
2023
2022
£
£
Other significant revenue
Interest income
128
9
Grants received
4,300
4
Operating loss
2023
2022
Operating loss for the year is stated after (crediting):
£
£
Government grants
(4,300)
Max UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 11 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Management staff
2
3
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
79,445
77,626
Social security costs
3,929
2,009
Pension costs
1,770
1,402
85,144
81,037
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
128
9
7
Auditor's remuneration
2023
2022
£
£
Audit of the financial statements of the company
5,250
5,000
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,317
2,068
Max UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
8
Taxation
(Continued)
- 12 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(45,952)
(18,694)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(8,731)
(3,552)
Tax effect of expenses that are not deductible in determining taxable profit
12,048
5,620
Taxation charge for the year
3,317
2,068
9
Tangible fixed assets
Equipment
£
Cost
At 1 April 2022 and 31 March 2023
1,215
Depreciation and impairment
At 1 April 2022 and 31 March 2023
1,215
Carrying amount
At 31 March 2023
At 31 March 2022
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,165
Prepayments and accrued income
88,610
88,706
89,775
88,706
Max UK Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 13 -
11
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,149
6,135
Corporation tax
3,317
2,068
Other taxation and social security
1,596
16,046
Other creditors
375
396
Accruals and deferred income
15,066
8,800
25,503
33,445
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
299,742
299,742
299,742
299,742
13
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,770
1,402
14
Related party transactions
The company has taken advantage of the exemption contained in FRS 102 paragraph 33.1A and has therefore not disclosed transactions or balances with the parent or wholly owned subsidiaries which form part of a group.
15
Ultimate controlling party
The parent company and ultimate controlling party is Max India Limited, incorporated in India and listed on The Bombay Stock Exchange and The Stock Exchange of India.
The parent of the largest and smallest group for which consolidated accounts including Max UK Limited are drawn up is Max India Limited, copies of which can be obtained from its registered office at 167 Floor - 1, Plot 167 Ready Money Terrace, Dr Annie Besant Road, Worli, Mumbai 400018, India.
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