Registration number:
for the
Year Ended 31 March 2019
Max Scaffold Products Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Max Scaffold Products Ltd
Company Information
Directors |
Mr Peter David Westlake Mrs Penny Jane Westlake Mr Robert Barry Shaw Mrs Denise Angela Shaw |
Registered office |
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Accountants |
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Page 1 |
Max Scaffold Products Ltd
Directors' Report
for the
Year Ended 31 March 2019
The directors present their report and the financial statements for the year ended 31 March 2019.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Manufacturing scaffold equipment
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
.........................................
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Max Scaffold Products Ltd
for the
Year Ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Max Scaffold Products Ltd for the year ended 31 March 2019 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Max Scaffold Products Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Max Scaffold Products Ltd and state those matters that we have agreed to state to the Board of Directors of Max Scaffold Products Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Max Scaffold Products Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Max Scaffold Products Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Max Scaffold Products Ltd. You consider that Max Scaffold Products 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 accounts of Max Scaffold Products 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 accounts.
Chartered Certified Accountants
Rear Of 189 Portswood Road
Portswood
Southampton
Hampshire
SO17 2NF
Page 3 |
Max Scaffold Products Ltd
(Registration number: 07995370)
Statement of Financial Position
as at
31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
1,012,835 |
790,256 |
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Total equity |
1,012,935 |
790,356 |
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Page 4 |
Max Scaffold Products Ltd
(Registration number: 07995370)
Statement of Financial Position
as at
31 March 2019
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 Income Statement has been taken.
Approved and authorised by the
.........................................
Director
.........................................
Director
Page 5 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
The Old Beer House
Simons Lane
Shipton under Wychwood
Chipping Norton
Oxfordshire
OX7 6DH
These financial statements were authorised for issue by the
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
25% on cost |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and Licences |
25% on cost |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 7 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 8 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
- |
- |
At 31 March 2018 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2018 |
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- |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
- |
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- |
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Charge for the year |
- |
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At 31 March 2019 |
- |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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- |
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Included within the net book value of land and buildings above is £312,892 (2018 - £171,935) in respect of freehold land and buildings.
Page 9 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
Stocks |
2019 |
2018 |
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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|
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100 |
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100 |
Page 10 |
Max Scaffold Products Ltd
Notes to the Unaudited Financial Statements
for the
Year Ended 31 March 2019
Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £393,626 (2018 - £379,791). A debenture was Registered at Companies House in favour of Lloyds TSB Commercial Finance Limited on 25 April 2013 by way of a fixed and floating charge on all the company's assets both tangible and intangible, wherever situated, to pay or discharge the Secured Liabilities when the same become due and payable.
Related party transactions |
Since the Statement of Financial Position date P D Westlake has repaid £180,000 (2018:£543,013) of his directors loan account.
Transactions with directors |
2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
At 31 March 2019 |
Mr Peter David Westlake |
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Loan repayable on demand, interest at the statutory rate is charged when appropriate. |
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( |
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Mr Robert Barry Shaw |
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Loan repayable on demand, interest at the statutory rate is charged where appropriate |
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- |
- |
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2018 |
At 1 April 2017 |
Advances to directors |
At 31 March 2018 |
Mr Peter David Westlake |
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Loan repayable on demand, interest at the statutory rate is charged when appropriate. |
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Mr Robert Barry Shaw |
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Loan repayable on demand, interest at the statutory rate is charged where appropriate |
- |
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Page 11 |