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COMPANY REGISTRATION NUMBER: 11099130
CUVAMA LIMITED (FORMERLY MG PRICING CONSULTANCY LTD)
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
CUVAMA LIMITED (FORMERLY MG PRICING CONSULTANCY LTD)
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
CUVAMA LIMITED (FORMERLY MG PRICING CONSULTANCY LTD)
BALANCE SHEET
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
837
331
Investments
6
5,200
------------
------------
837
5,531
Current assets
Debtors
7
71,264
24,158
Cash at bank and in hand
217,550
110,035
------------
------------
288,814
134,193
Creditors: amounts falling due within one year
8
( 86,429)
( 49,317)
------------
------------
Net current assets
202,385
84,876
------------
------------
Total assets less current liabilities
203,222
90,407
Creditors: amounts falling due after more than one year
9
( 49,217)
Provisions
( 160)
( 63)
------------
------------
Net assets
203,062
41,127
------------
------------
Capital and reserves
Called up share capital
11
2
2
Share premium account
5,199
5,199
Profit and loss account
197,861
35,926
------------
------------
Shareholders funds
203,062
41,127
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 December 2021 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 .
CUVAMA LIMITED (FORMERLY MG PRICING CONSULTANCY LTD)
BALANCE SHEET (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 22 April 2022 , and are signed on behalf of the board by:
Mr M P Gurbaxani
Mr A Naro
Director
Director
Mr A S Smith
Director
Company registration number: 11099130
CUVAMA LIMITED (FORMERLY MG PRICING CONSULTANCY LTD)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Computer equipment
-
33% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 2 ).
5. Tangible assets
Computer equipment
£
Cost
At 1 January 2021
1,682
Additions
1,255
------------
At 31 December 2021
2,937
------------
Depreciation
At 1 January 2021
1,351
Charge for the year
749
------------
At 31 December 2021
2,100
------------
Carrying amount
At 31 December 2021
837
------------
At 31 December 2020
331
------------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2021
5,200
Disposals
( 5,200)
------------
At 31 December 2021
------------
Impairment
At 1 January 2021 and 31 December 2021
------------
Carrying amount
At 31 December 2021
------------
At 31 December 2020
5,200
------------
The company owns 100% of the issued share capital of Value Engineered Limited.
7. Debtors
2021
2020
£
£
Trade debtors
71,264
10,055
Corporation tax recoverable
8,623
Other debtors
5,480
------------
------------
71,264
24,158
------------
------------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,979
3,774
Accruals and deferred income
1,500
Corporation tax
64,662
Social security and other taxes
15,476
6,957
Director loan accounts
1,312
624
Bank loan
783
Other creditors
35,679
------------
------------
86,429
49,317
------------
------------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loan
49,217
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2021
2020
£
£
Included in provisions
160
63
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Accelerated capital allowances
63
------------
------------
11. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.01 each
167
2
167
2
------------
------------
------------
------------
The shares are designated between A and B shares.
12. Related party transactions
The director's loan for Mr M P Gurbaxani of £876 (2020: £564) set out above is unsecured, repayable on demand and currently interest free. The director's loan for Mr A Smith of £436 (2020: £60) set out above is unsecured, repayable on demand and currently interest free. The company is controlled by the directors.