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REGISTERED NUMBER: 12080786 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

MV40 LTD

MV40 LTD (REGISTERED NUMBER: 12080786)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MV40 LTD

Company Information
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: M Volpe





REGISTERED OFFICE: Flat 3
14 Crawford Street
London
W1H 1BP





REGISTERED NUMBER: 12080786 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG

MV40 LTD (REGISTERED NUMBER: 12080786)

Balance Sheet
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 639 904

CURRENT ASSETS
Debtors 5 78,771 83,517
Cash at bank and in hand 8,231 25,588
87,002 109,105
CREDITORS
Amounts falling due within one year 6 (50,559 ) (90,745 )
NET CURRENT ASSETS 36,443 18,360
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,082

19,264

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 36,982 19,164
SHAREHOLDERS' FUNDS 37,082 19,264

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





M Volpe - Director


MV40 LTD (REGISTERED NUMBER: 12080786)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

MV40 Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

In respect of contracts for services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer Equipment : 25% on cost

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

MV40 LTD (REGISTERED NUMBER: 12080786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

The company's financial assets comprise basic financial instruments, being trade and other receivables, amounts owed by group undertakings, prepayments, accrued income and cash and bank balances.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade, other receivable, prepayments, accrued income and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including trade and other payables, corporation tax, accruals and deferred income. These are initially recognised at transaction price.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or 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 balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 1 ).

MV40 LTD (REGISTERED NUMBER: 12080786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 1,058
DEPRECIATION
At 1 August 2022 154
Charge for year 265
At 31 July 2023 419
NET BOOK VALUE
At 31 July 2023 639
At 31 July 2022 904

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 76,770 76,770
Other debtors 2,001 6,747
78,771 83,517

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,328 20
Taxation and social security 14,072 10,239
Other creditors 35,159 80,486
50,559 90,745

7. RELATED PARTY DISCLOSURES

At the end of the reporting year a dividend of £ 35,000 (2022: £ 35,000) was declared and a dividend balance of £31,344 (2022: £51,396) was payable to its shareholder.

At the end of the year an amount of £76,770 (2022: £76,770) was owned from Life on a Plane LLC, a company under common control.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Volpe.