Marvtech Limited 04093692 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is machine maintenance and installation and property development. Digita Accounts Production Advanced 6.30.9574.0 true 04093692 2022-03-01 2023-02-28 04093692 2023-02-28 04093692 bus:Director1 1 2023-02-28 04093692 bus:Director3 2 2023-02-28 04093692 core:RetainedEarningsAccumulatedLosses 2023-02-28 04093692 core:ShareCapital 2023-02-28 04093692 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 04093692 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 04093692 core:CurrentFinancialInstruments 2023-02-28 04093692 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04093692 core:Non-currentFinancialInstruments 2023-02-28 04093692 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 04093692 core:FurnitureFittingsToolsEquipment 2023-02-28 04093692 core:LandBuildings 2023-02-28 04093692 core:MotorVehicles 2023-02-28 04093692 core:OtherPropertyPlantEquipment 2023-02-28 04093692 bus:SmallEntities 2022-03-01 2023-02-28 04093692 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04093692 bus:FullAccounts 2022-03-01 2023-02-28 04093692 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04093692 bus:RegisteredOffice 2022-03-01 2023-02-28 04093692 bus:Director1 2022-03-01 2023-02-28 04093692 bus:Director1 1 2022-03-01 2023-02-28 04093692 bus:Director3 2022-03-01 2023-02-28 04093692 bus:Director3 2 2022-03-01 2023-02-28 04093692 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04093692 core:Goodwill 2022-03-01 2023-02-28 04093692 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 04093692 core:LandBuildings 2022-03-01 2023-02-28 04093692 core:LeaseholdImprovements 2022-03-01 2023-02-28 04093692 core:MotorVehicles 2022-03-01 2023-02-28 04093692 core:OfficeEquipment 2022-03-01 2023-02-28 04093692 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 04093692 core:PlantMachinery 2022-03-01 2023-02-28 04093692 countries:EnglandWales 2022-03-01 2023-02-28 04093692 2022-02-28 04093692 bus:Director1 1 2022-02-28 04093692 bus:Director3 2 2022-02-28 04093692 core:FurnitureFittingsToolsEquipment 2022-02-28 04093692 core:LandBuildings 2022-02-28 04093692 core:MotorVehicles 2022-02-28 04093692 core:OtherPropertyPlantEquipment 2022-02-28 04093692 2021-03-01 2022-02-28 04093692 2022-02-28 04093692 bus:Director1 1 2022-02-28 04093692 bus:Director3 2 2022-02-28 04093692 core:RetainedEarningsAccumulatedLosses 2022-02-28 04093692 core:ShareCapital 2022-02-28 04093692 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-28 04093692 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-28 04093692 core:CurrentFinancialInstruments 2022-02-28 04093692 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 04093692 core:Non-currentFinancialInstruments 2022-02-28 04093692 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 04093692 core:FurnitureFittingsToolsEquipment 2022-02-28 04093692 core:LandBuildings 2022-02-28 04093692 core:MotorVehicles 2022-02-28 04093692 core:OtherPropertyPlantEquipment 2022-02-28 04093692 bus:Director1 1 2021-03-01 2022-02-28 04093692 bus:Director3 2 2021-03-01 2022-02-28 04093692 bus:Director1 1 2021-02-28 04093692 bus:Director3 2 2021-02-28 iso4217:GBP xbrli:pure

Registration number: 04093692

Marvtech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Marvtech Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Marvtech Limited

(Registration number: 04093692)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

175,189

146,562

Current assets

 

Stocks

5

23,000

14,000

Debtors

6

825,455

803,960

Cash at bank and in hand

 

405,195

164,707

 

1,253,650

982,667

Creditors: Amounts falling due within one year

7

(579,820)

(554,028)

Net current assets

 

673,830

428,639

Total assets less current liabilities

 

849,019

575,201

Creditors: Amounts falling due after more than one year

7

(59,209)

(45,779)

Provisions for liabilities

(44,016)

(26,624)

Net assets

 

745,794

502,798

Capital and reserves

 

Called up share capital

100

100

Retained earnings

745,694

502,698

Shareholders' funds

 

745,794

502,798

 

Marvtech Limited

(Registration number: 04093692)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................
CJ Ramplee
Director

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Alpha House
North Street
Hapton
Lancashire
BB12 7LD
England

These financial statements were authorised for issue by the Board on 23 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold improvements

5% straight line

Motor vehicles

25% reducing balance

Office equipment

33% reducing balance

Plant and machinery

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 March 2022

59,356

68,337

140,248

146,416

Additions

-

258

87,481

1,175

Disposals

-

-

(35,991)

-

At 28 February 2023

59,356

68,595

191,738

147,591

Depreciation

At 1 March 2022

20,747

65,303

87,923

93,822

Charge for the year

2,967

1,086

23,535

5,594

Eliminated on disposal

-

-

(8,886)

-

At 28 February 2023

23,714

66,389

102,572

99,416

Carrying amount

At 28 February 2023

35,642

2,206

89,166

48,175

At 28 February 2022

38,609

3,034

52,325

52,594

Total
£

Cost or valuation

At 1 March 2022

414,357

Additions

88,914

Disposals

(35,991)

At 28 February 2023

467,280

Depreciation

At 1 March 2022

267,795

Charge for the year

33,182

Eliminated on disposal

(8,886)

At 28 February 2023

292,091

Carrying amount

At 28 February 2023

175,189

At 28 February 2022

146,562

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Included within the net book value of land and buildings above is £35,641 (2022 - £38,609) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

15,000

12,000

Other inventories

8,000

2,000

23,000

14,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

819,297

742,785

Amounts owed by related parties

9

5,657

673

Other debtors

 

501

60,502

   

825,455

803,960

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

23,483

34,454

Trade creditors

 

386,593

409,811

Taxation and social security

 

160,750

99,171

Accruals and deferred income

 

2,000

2,000

Other creditors

 

6,994

8,592

 

579,820

554,028

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

59,209

45,779

HP liabilities are secured against the assets on which they are held.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,167

34,167

Hire purchase contracts

35,042

11,612

59,209

45,779

 

Marvtech Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

15,756

Hire purchase contracts

13,483

8,698

23,483

34,454

9

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

P Lund

This is an interest free loan and repayable in 9 months

23,486

(23,486)

-

 

23,486

(23,486)

-

     

CJ Ramplee

This is an interest free loan and repayable in 9 months

22,177

(22,177)

-

 

22,177

(22,177)

-

     

 

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

P Lund

This is an interest free loan and repayable in 9 months

25,846

(2,359)

23,486

 

25,846

(2,359)

23,486

     

CJ Ramplee

This is an interest free loan and repayable in 9 months

24,562

(2,385)

22,177

 

24,562

(2,385)

22,177