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Company registration number: 05059911
MAVEN3 LIMITED
31 March 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
MAVEN3 LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
MAVEN3 LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr M D Haynes
Company number 05059911
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address The Willows
Trelydan
Welshpool
Powys
SY21 9HL
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
MAVEN3 LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MAVEN3 LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maven3 Limited for the year ended 31 March 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Maven3 Limited, as a body, in accordance with the terms of our engagement letter dated 18 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Maven3 Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maven3 Limited and its director as a body for our work or for this report.
It is your duty to ensure that Maven3 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Maven3 Limited. You consider that Maven3 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 financial statements of Maven3 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 financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
19 October 2023
MAVEN3 LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 938 32
_______ _______
938 32
Current assets
Stock and work-in-progress 4,000 -
Debtors 6 2,574 6,220
Cash at bank and in hand 22,872 20,137
_______ _______
29,446 26,357
Creditors: amounts falling due
within one year 7 ( 15,391) ( 13,891)
_______ _______
Net current assets 14,055 12,466
_______ _______
Total assets less current liabilities 14,993 12,498
Provisions for liabilities ( 178) 6
_______ _______
Net assets 14,815 12,504
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 14,812 12,501
_______ _______
Shareholder funds 14,815 12,504
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr M D Haynes
Director
Company registration number: 05059911
MAVEN3 LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 3 8,259 8,262
Profit for the year 6,242 6,242
_______ _______ _______
Total comprehensive income for the year - 6,242 6,242
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 March 2022 and 1 April 2022 3 12,501 12,504
Profit for the year 4,311 4,311
_______ _______ _______
Total comprehensive income for the year - 4,311 4,311
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______
Total investments by and distributions to owners - ( 2,000) ( 2,000)
_______ _______ _______
At 31 March 2023 3 14,812 14,815
_______ _______ _______
MAVEN3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and 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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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:
Fittings fixtures and equipment - 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 352 352
Additions 1,070 1,070
_______ _______
At 31 March 2023 1,422 1,422
_______ _______
Depreciation
At 1 April 2022 320 320
Charge for the year 164 164
_______ _______
At 31 March 2023 484 484
_______ _______
Carrying amount
At 31 March 2023 938 938
_______ _______
At 31 March 2022 32 32
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,570 6,220
Other debtors 4 -
_______ _______
2,574 6,220
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 767 1,499
Social security and other taxes - 861
Other creditors 14,624 11,531
_______ _______
15,391 13,891
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M D Haynes ( 10,858) ( 3,068) - ( 13,926)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr M D Haynes ( 18,658) ( 2,200) 10,000 ( 10,858)
_______ _______ _______ _______