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COMPANY REGISTRATION NUMBER: 11246616
MVS Building Limited
Filleted Unaudited Financial Statements
31 March 2023
MVS Building Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
95,721
72,710
Investments
6
1
-------
-------
95,722
72,710
Current assets
Stocks
95,072
13,556
Debtors
7
98,623
140,202
Cash at bank and in hand
262,109
70,261
--------
--------
455,804
224,019
Creditors: amounts falling due within one year
8
295,065
119,852
--------
--------
Net current assets
160,739
104,167
--------
--------
Total assets less current liabilities
256,461
176,877
Creditors: amounts falling due after more than one year
9
37,987
62,740
Provisions
23,006
17,194
--------
--------
Net assets
195,468
96,943
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
195,467
96,942
--------
-------
Shareholders funds
195,468
96,943
--------
-------
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 income and retained earnings has not been delivered.
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 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MVS Building Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mrs M V Sweeney
Director
Company registration number: 11246616
MVS Building 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 Kings Head House, 15 London Road, Beaconsfield, HP9 2HN, England.
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
(a) 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.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered during the period, net of Value Added Tax.
(c) 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 be paid or recovered 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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) 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:
Plant and machinery
-
25% Reducing balance
Motor vehicles
-
25% Reducing balance
Equipment
-
25% Straight line
(f) 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.
(g) Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
(h) Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
(i) 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 stock to its present location and condition.
(j) Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
(k) 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 statement of financial position 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.
(l) 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
(m) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 7 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
13,254
79,855
13,647
106,756
Additions
43,295
7,359
50,654
Disposals
( 5,150)
( 6,017)
( 11,167)
-------
--------
-------
--------
At 31 March 2023
13,254
118,000
14,989
146,243
-------
--------
-------
--------
Depreciation
At 1 April 2022
6,347
22,391
5,308
34,046
Charge for the year
1,727
19,405
4,608
25,740
Disposals
( 4,184)
( 5,080)
( 9,264)
-------
--------
-------
--------
At 31 March 2023
8,074
37,612
4,836
50,522
-------
--------
-------
--------
Carrying amount
At 31 March 2023
5,180
80,388
10,153
95,721
-------
--------
-------
--------
At 31 March 2022
6,907
57,464
8,339
72,710
-------
--------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022
Additions
1
---
At 31 March 2023
1
---
Impairment
At 1 April 2022 and 31 March 2023
---
Carrying amount
At 31 March 2023
1
---
At 31 March 2022
---
7. Debtors
2023
2022
£
£
Trade debtors
75,595
138,568
Other debtors
23,028
1,634
-------
--------
98,623
140,202
-------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
155,110
15,961
Amounts owed to group undertakings
10,911
Corporation tax
23,313
5,300
Social security and other taxes
47,224
58,004
Other creditors
48,507
30,587
--------
--------
295,065
119,852
--------
--------
Other creditors falling due within one year includes £14,753 (2022: £17,678) due under hire purchase contracts which are secured against the relevant motor vehicle.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,000
35,000
Other creditors
12,987
27,740
-------
-------
37,987
62,740
-------
-------
Other creditors falling due after more than one year represent amounts due under hire purchase contracts which are secured against the relevant motor vehicle.