Company Registration No. 01345330 (England and Wales)
MULVIR & SONS LIMITED
T/A BUDGENS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
MULVIR & SONS LIMITED
T/A BUDGENS
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
MULVIR & SONS LIMITED
T/A BUDGENS
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MULVIR & SONS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 10 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mulvir & Sons Limited for the year ended 31 March 2023 set out on pages 3 to 12 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/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Mulvir & Sons Limited and state those matters that we have agreed to state to the Board of Directors of Mulvir & Sons Limited, 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/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mulvir & Sons Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mulvir & Sons 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 loss of Mulvir & Sons Limited. You consider that Mulvir & Sons 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 Mulvir & Sons 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.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
20 November 2023
MULVIR & SONS LIMITED
T/A BUDGENS
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
105,615
124,199
Investments
5
100
100
105,716
124,300
Current assets
Stocks
193,770
154,051
Debtors
7
43,772
444,619
Cash at bank and in hand
278,567
72,398
516,109
671,068
Creditors: amounts falling due within one year
8
(369,917)
(680,875)
Net current assets/(liabilities)
146,192
(9,807)
Total assets less current liabilities
251,908
114,493
Creditors: amounts falling due after more than one year
9
(226,667)
(36,667)
Provisions for liabilities
10
(21,336)
(18,901)
Net assets
3,905
58,925
Capital and reserves
Called up share capital
12
1,000
1,000
Profit and loss reserves
2,905
57,925
Total equity
3,905
58,925
The directortrue of the company has taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the director's report within the financial statements.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MULVIR & SONS LIMITED
T/A BUDGENS
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
Mr J N Patel
Director
Company Registration No. 01345330
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Mulvir & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Going concern
On the basis of continued support from the company's creditors, the director consider that the company will continue in operational existence for the foreseeable future. The financial statements do not include any adjustments that would result from a withdrawal of support by the creditors.
1.3
Turnover
Turnover represents amounts received from sell of goods from convenience store and off licence net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost 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:
Leasehold buildings
over the term of the lease
Plant and machinery
20% per annum on a reducing balance basis
The profit 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 charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Stock
Stocks are valued at the lower of cost and net realisable value. Where necessary, provision is made for obsolete, slow moving and defective stocks.
1.8
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and sundry creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Trade and sundry 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and the movement in the deferred tax due to the adjustment to the capital allowance.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
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 relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.14
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2
Employees
The average monthly number of persons (including director) employed by the company during the year was:
2023
2022
Number
Number
Total
20
25
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
2,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
1,999
Carrying amount
At 31 March 2023
1
At 31 March 2022
1
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
130,438
523,333
653,771
Additions
6,950
6,950
At 31 March 2023
130,438
530,283
660,721
Depreciation and impairment
At 1 April 2022
130,435
399,137
529,572
Depreciation charged in the year
25,534
25,534
At 31 March 2023
130,435
424,671
555,106
Carrying amount
At 31 March 2023
3
105,612
105,615
At 31 March 2022
3
124,196
124,199
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Mulvir investments Limited is a wholly owned subsidiary of the company whose principal activity is that of investment in properties.
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mulvir Investments Limited
England
Ordinary shares
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,307
5,472
Amounts owed by group undertaking
13,749
Other debtors
23,946
425,398
31,253
444,619
Deferred tax asset
12,519
43,772
444,619
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
74,098
60,325
Amounts owed to group undertaking
219,064
585,019
Taxation and social security
23,659
13,236
Other creditors
43,096
12,295
369,917
680,875
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,667
36,667
Amounts owed to group undertakings
200,000
226,667
36,667
Bounce back loan of £36,667 (2022: £46,667 ) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
21,336
18,901
11
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
21,336
18,901
-
-
Tax losses
-
-
12,519
-
21,336
18,901
12,519
-
2023
Movements in the year:
£
Liability at 1 April 2022
18,901
Credit to profit or loss
(10,084)
Liability at 31 March 2023
8,817
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
MULVIR & SONS LIMITED
T/A BUDGENS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
13
Reserves
The only movements in reserves for the year ended 31 March 2023 is loss for the year and for the year ended 31 March 2022 is profit for the year and dividend paid.
14
Financial commitments, guarantees and contingent liabilities
Operating lease commitments not included in the balance sheet amount to £75,000 (2022 - £75,000).
15
Related party transactions
During the year dividend paid to the director was £nil (2022 : £24,550).
As at 31 March 2023, Mulvir Investment Partnership ( Mr J N Patel, Mrs S J Patel and Mr V N Patel, are partners) owes £nil (2022:£407,013) to the company.
2023-03-312022-04-01false20 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr J N PatelMr V N Patelfalse013453302022-04-012023-03-31013453302023-03-31013453302022-03-3101345330core:NetGoodwill2023-03-3101345330core:NetGoodwill2022-03-3101345330core:LandBuildings2023-03-3101345330core:OtherPropertyPlantEquipment2023-03-3101345330core:LandBuildings2022-03-3101345330core:OtherPropertyPlantEquipment2022-03-3101345330core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101345330core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101345330core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101345330core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101345330core:CurrentFinancialInstruments2023-03-3101345330core:CurrentFinancialInstruments2022-03-3101345330core:Non-currentFinancialInstruments2023-03-3101345330core:Non-currentFinancialInstruments2022-03-3101345330core:ShareCapital2023-03-3101345330core:ShareCapital2022-03-3101345330core:RetainedEarningsAccumulatedLosses2023-03-3101345330core:RetainedEarningsAccumulatedLosses2022-03-3101345330bus:Director12022-04-012023-03-3101345330core:Goodwill2022-04-012023-03-3101345330core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3101345330core:PlantMachinery2022-04-012023-03-31013453302021-04-012022-03-3101345330core:NetGoodwill2022-03-3101345330core:LandBuildings2022-03-3101345330core:OtherPropertyPlantEquipment2022-03-31013453302022-03-3101345330core:LandBuildings2022-04-012023-03-3101345330core:OtherPropertyPlantEquipment2022-04-012023-03-3101345330core:WithinOneYear2023-03-3101345330core:WithinOneYear2022-03-3101345330bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101345330bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101345330bus:FRS1022022-04-012023-03-3101345330bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101345330bus:CompanySecretary12022-04-012023-03-3101345330bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP