Mavriks Group Ltd Filleted Accounts Cover
Mavriks Group Ltd
Company No. 12242487
Information for Filing with The Registrar
31 October 2023
Mavriks Group Ltd Balance Sheet Registrar
at
31 October 2023
Company No.
12242487
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
104,368130,225
104,368130,225
Current assets
Stocks
5
16,10516,105
Debtors
6
28,06829,725
Cash at bank and in hand
114,85833,344
159,03179,174
Creditors: Amount falling due within one year
7
(320,435)
(204,073)
Net current liabilities
(161,404)
(124,899)
Total assets less current liabilities
(57,036)
5,326
Creditors: Amounts falling due after more than one year
8
(15,833)
(25,833)
Net liabilities
(72,869)
(20,507)
Capital and reserves
Called up share capital
22
Profit and loss account
9
(72,871)
(20,509)
Total equity
(72,869)
(20,507)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 26 July 2024
And signed on its behalf by:
D. Mortlock
Director
26 July 2024
Mavriks Group Ltd Notes to the Accounts Registrar
for the year ended 31 October 2023
1
General information
Its registered number is: 12242487
Its registered office is:
38 Molesworth Street
Wadebridge
Cornwall
PL27 7DP
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of bar, food and accommodation sales net of discounts and value added taxes, and is recognised at the time of sale.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
15-33% Straight line
Motor vehicles
25% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the fist in first out method. The carrying amount of stock is recognised in the period in which the related revenue is recognised.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the year was:
2637
4
Tangible fixed assets
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 November 2022
18,333169,303187,636
Additions
-4,1024,102
At 31 October 2023
18,333173,405191,738
Depreciation
At 1 November 2022
7,25750,15457,411
Charge for the year
4,58325,37629,959
At 31 October 2023
11,84075,53087,370
Net book values
At 31 October 2023
6,49397,875104,368
At 31 October 2022
11,076119,149130,225
5
Stocks
2023
2022
£
£
Finished goods
16,10516,105
16,10516,105
6
Debtors
2023
2022
£
£
Loans to directors
-24,686
Other debtors
28,0685,039
28,06829,725
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
82,81310,000
Trade creditors
64,50067,061
Corporation tax
-18,653
Other taxes and social security
78,26577,618
Loans from directors
54,608-
Other creditors
26,41721,256
Accruals and deferred income
13,8329,485
320,435204,073
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,83325,833
15,83325,833
9
Undistributable Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Commitments
Capital commitments
2023
2022
£
£
Other financial commitments
2023
2022
£
£
Total commitments under non-cancellable operating leases:
38,46137,341
11
Dividends
2023
2022
£
£
Dividends for the period:
Dividends paid in the period
-
18,500
-
18,500
Dividends by type:
Equity dividends
-18,500
-
18,500
12
Advances and credits to directors
Included within Other debtors are the following loans to directors:
Director
Description
At 1 November 2022
Advanced
Repaid
At 31 October 2023
£
£
£
£
D. MortlockDirector's loan account24,686-
(24,686)
-
24,686-
(24,686)
-
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