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Registration number: 09892504

Minerva Money Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Minerva Money Management Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Minerva Money Management Ltd

Company Information

Directors

Mr Anthony William Byrne

Ms Cholpon Djanuzakova

Company secretary

Ms Cholpon Djanuzakova

Registered office

17 Shirwell Crescent
Furzton Lake
Milton Keynes
MK4 1GA

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Minerva Money Management Ltd

(Registration number: 09892504)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

48,083

801

Current assets

 

Debtors

5

106,467

179,678

Cash at bank and in hand

 

2,111

28,058

 

108,578

207,736

Creditors: Amounts falling due within one year

6

(15,000)

(21,788)

Net current assets

 

93,578

185,948

Total assets less current liabilities

 

141,661

186,749

Creditors: Amounts falling due after more than one year

6

(9,888)

(11,434)

Net assets

 

131,773

175,315

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

81,773

125,315

Shareholders' funds

 

131,773

175,315

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Mr Anthony William Byrne
Director

 

Minerva Money Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
17 Shirwell Crescent
Furzton Lake
Milton Keynes
MK4 1GA

These financial statements were authorised for issue by the Board on 10 April 2024.

The company registration number is 09892504

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

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.

 

Minerva Money Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Office equipment

25% straight line

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.

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. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

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.

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.

 

Minerva Money Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 4).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,068

-

1,068

Additions

1,399

62,000

63,399

At 31 December 2023

2,467

62,000

64,467

Depreciation

At 1 January 2023

267

-

267

Charge for the year

617

15,500

16,117

At 31 December 2023

884

15,500

16,384

Carrying amount

At 31 December 2023

1,583

46,500

48,083

At 31 December 2022

801

-

801

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

74,028

178,508

Prepayments

 

2,439

1,170

Other debtors

 

30,000

-

 

106,467

179,678

 

Minerva Money Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,590

1,633

Trade creditors

 

1,788

1,757

Taxation and social security

 

7,693

17,102

Accruals and deferred income

 

1,296

1,296

Other creditors

 

2,633

-

 

15,000

21,788

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

9,888

11,434

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,888

11,434

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,590

1,633