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REGISTERED NUMBER: 10510854 (England and Wales)









Directors' Report and

Audited Financial Statements

for the Year Ended 31 March 2023

for

Mova Holdings Limited

Mova Holdings Limited (Registered number: 10510854)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Directors' Report 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Mova Holdings Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K Brimacombe
E Day
C W Morris





REGISTERED OFFICE: Pippbrook
Dorking
Surrey
RH4 1SJ





REGISTERED NUMBER: 10510854 (England and Wales)





AUDITORS: Bullimores LLP
Chartered Accountants
& Registered Auditor
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

Mova Holdings Limited (Registered number: 10510854)

Directors' Report
for the Year Ended 31 March 2023

The directors present their report and accounts for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The company's principal activity is that of a holding company.

REVIEW OF BUSINESS
The directors of Mova Holdings Limited have been monitoring the performance of its wholly owned subsidiary, Mova Property Limited, as Mova Holdings Limited has guaranteed the performance of the obligations owed by Mova Property Limited to Mole Valley District Council. The directors note that Mova Property Limited has adopted a long-term investor position, which is designed to withstand cyclical fluctuations in asset classes and across the commercial property market as a whole.

The assets held by Mova Property Limited are well diversified across asset class, geographical location and tenant industry. As at 31 March 2023, Mova Property Limited's portfolio was valued at £55.5 million by independent valuers, Wilks Head & Eve.

The company's borrowings do not exceed £31 million, representing a loan to value percentage of 56% and repayment of the principal is not due until 25th March 2060.

Mova Property Limited has actively monitored the financial performance and risk profile of the portfolio during 2022/23, both from a tenant covenant strength and on a rent collection rate basis. The Commercial Property Consultants appointed in July 2020 for two years provide specialist investment advice. The directors will continue to monitor the performance of its subsidiary.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

K Brimacombe
E Day

Other changes in directors holding office are as follows:

N I Gray - resigned 31 August 2022
P Anderson - resigned 14 September 2022
C W Morris - appointed 12 September 2022

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are 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.


Mova Holdings Limited (Registered number: 10510854)

Directors' Report
for the Year Ended 31 March 2023

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are 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. They are 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.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
Each person who was a director at the time this report was approved confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is
unaware; and

- they have taken all the steps that ought to have taken as directors in order to make them aware of
any relevant audit information and to establish that the company's auditor is aware of that information.

AUDITORS
The auditors, Bullimores LLP, were appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





K Brimacombe - Director


1 November 2023

Report of the Independent Auditors to the Members of
Mova Holdings Limited

Opinion
We have audited the financial statements of Mova Holdings Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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.

Basis for opinion
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 Auditors' 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Mova Holdings Limited


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 Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on pages two and three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Mova Holdings Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (FRS102, the Companies Act 2006 and the relevant tax compliance regulations in the UK)

We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management.

We did not identify any matters relating to non-compliance with laws and regulations or relating to fraud.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by discussions with the directors to understand areas where they considered there was susceptibility to fraud. We also considered pressures on the directors to meet any external pressures in reporting the financial results of the company.

Audit procedures performed by the engagement team on the areas where fraud might occur included:
- evaluation of management's internal processes designed to prevent and detect irregularities, including assessing the
segregation of duties at the appropriate level.
- Ensuring the payment of a dividend was appropriate and in accordance with the purpose of the company.


Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
- understanding of, and practical experience with audit engagements of a similar nature and complexity through the
appropriate training and participation
- knowledge of the industry in which the company operates
-
understanding of the legal and regulatory requirements specific to the company

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Mova Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Boot FCA (Senior Statutory Auditor)
for and on behalf of Bullimores LLP
Chartered Accountants
& Registered Auditor
Old Printers Yard
156 South Street
Dorking
Surrey
RH4 2HF

6 November 2023

Mova Holdings Limited (Registered number: 10510854)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER - -

Administrative expenses 2,795 2,631
OPERATING LOSS (2,795 ) (2,631 )

Income from fixed asset investments - 510,000
(LOSS)/PROFIT BEFORE TAXATION (2,795 ) 507,369

Tax on (loss)/profit 4 - -
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,795

)

507,369

Mova Holdings Limited (Registered number: 10510854)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 5 16,322,074 16,322,074

CURRENT ASSETS
Debtors 6 540 475
Cash at bank 2,214 5,489
2,754 5,964
CREDITORS
Amounts falling due within one year 7 2,936 3,351
NET CURRENT (LIABILITIES)/ASSETS (182 ) 2,613
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,321,892

16,324,687

CAPITAL AND RESERVES
Called up share capital 16,322,074 16,322,074
Retained earnings (182 ) 2,613
SHAREHOLDERS' FUNDS 16,321,892 16,324,687

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





E Day - Director


Mova Holdings Limited (Registered number: 10510854)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 16,322,074 (4,756 ) 16,317,318

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 507,369 507,369
Balance at 31 March 2022 16,322,074 2,613 16,324,687

Changes in equity
Total comprehensive income - (2,795 ) (2,795 )
Balance at 31 March 2023 16,322,074 (182 ) 16,321,892

Mova Holdings Limited (Registered number: 10510854)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard):

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates . It also requires management to exercise judgement in applying the company's accounting policies. They have not been any estimations uncertainties in the application of the accounting policies. No significant judgements were required in the preparation of the accounts and in the application of the company's accounting policies.

The company is a parent undertaking of a small group and, as such, is not required by the Companies Act 2006 to prepare Group accounts. Therefore, these financial statements present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

Current and deferred taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current and deferred taxation assets and liabilities are not discounted .

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax is recognised in respect of all timing differences that have been originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal at the timing difference.

Going concern
The accounts have been prepared on a going concern basis as the directors have a reasonable expectation that the companies will continue in operational existence for the foreseeable future.

Mova Holdings Limited (Registered number: 10510854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Valuation of investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risks of change in value.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2023 nor for the year ended 31 March 2022.

The average number of employees during the year was NIL (2022 - NIL).

3. AUDITORS' REMUNERATION

Auditors' remuneration 2023 2022
£    £   
Fees payable to the company's auditor and its associates for the audit of the
company's annual accounts

2,160

2,000
Fees payable to the company's auditor and its associates for the other services 750 700
2,910 2,700

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Mova Holdings Limited (Registered number: 10510854)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 16,322,074
NET BOOK VALUE
At 31 March 2023 16,322,074
At 31 March 2022 16,322,074

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed by group undertakings 540 -
VAT - 475
540 475

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors 2,936 3,351

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption conferred by FRS 102 s.33.1A not to disclose transactions with other wholly owned members of the group.

9. CONTROLLING PARTY

The company is a wholly owned subsidiary of Mole Valley District Council, which is the ultimate parent company incorporated in the UK. The registered office of Mole Valley District Council is Pippbrook, Dorking, Surrey, United Kingdom, RH4 1SJ.

10. OTHER INFORMATION

Mova Holdings Limited is a private company limited by shares and incorporated in England, registration number 10510854. Its registered office is:

C/O Mole Valley District Council
Pippbrook
Dorking
Surrey
RH4 1SJ