Acorah Software Products - Accounts Production 14.6.300 false true true 31 December 2022 1 January 2022 false 28 August 2024 1 January 2023 31 December 2023 31 December 2023 12727948 Mr Gintautas Miliauskas Mavenoid AB Grev Turegatan 8, Stockholm, Sweden, 114 46 true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12727948 2022-12-31 12727948 2023-12-31 12727948 2023-01-01 2023-12-31 12727948 frs-core:CurrentFinancialInstruments 2023-12-31 12727948 frs-core:Non-currentFinancialInstruments 2023-12-31 12727948 frs-core:ComputerEquipment 2023-12-31 12727948 frs-core:ComputerEquipment 2023-01-01 2023-12-31 12727948 frs-core:ComputerEquipment 2022-12-31 12727948 frs-core:ShareCapital 2023-12-31 12727948 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 12727948 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12727948 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 12727948 frs-bus:SmallEntities 2023-01-01 2023-12-31 12727948 frs-bus:Audited 2023-01-01 2023-12-31 12727948 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12727948 1 2023-01-01 2023-12-31 12727948 frs-bus:Director1 2023-01-01 2023-12-31 12727948 frs-countries:EnglandWales 2023-01-01 2023-12-31 12727948 2021-12-31 12727948 2022-12-31 12727948 2022-01-01 2022-12-31 12727948 frs-core:CurrentFinancialInstruments 2022-12-31 12727948 frs-core:Non-currentFinancialInstruments 2022-12-31 12727948 frs-core:ShareCapital 2022-12-31 12727948 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 12727948
Mavenoid Ltd
Financial Statements
For The Year Ended 31 December 2023
Goodwille Limited
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 12727948
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,813 3,040
5,813 3,040
CURRENT ASSETS
Debtors 5 12,152 3,252
Cash at bank and in hand 587,030 12,465
599,182 15,717
Creditors: Amounts Falling Due Within One Year 6 (172,724 ) (28,364 )
NET CURRENT ASSETS (LIABILITIES) 426,458 (12,647 )
TOTAL ASSETS LESS CURRENT LIABILITIES 432,271 (9,607 )
Creditors: Amounts Falling Due After More Than One Year 7 (2,904,130 ) (1,038,549 )
NET LIABILITIES (2,471,859 ) (1,048,156 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (2,471,860 ) (1,048,157 )
SHAREHOLDERS' FUNDS (2,471,859) (1,048,156)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gintautas Miliauskas
Director
28/08/2024
The notes on pages 2 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mavenoid Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12727948 . The registered office is 1 Chapel Street, Warwick, CV34 4HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Though the Company is operating at a loss, the Directors have a reasonable expectation that the Company will continue to have access to adequate resources to continue in operational existence for the foreseeable future. The Directors have considered a letter of support from its immediate parent company stating that they will support the Company should it not be in a position to meet any repayment obligations. Thus, the Directors continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 50% Straight Line
2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
Basic financial assets, including other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
2.10. 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.
2.11. Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
2.12.    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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 6)
8 6
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 7,112
Additions 8,901
As at 31 December 2023 16,013
Depreciation
As at 1 January 2023 4,072
Provided during the period 6,128
As at 31 December 2023 10,200
Net Book Value
As at 31 December 2023 5,813
As at 1 January 2023 3,040
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 277 2,462
VAT 11,875 790
12,152 3,252
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 23,118 1,385
Other taxes and social security 42,343 23,229
Accruals 107,263 3,750
172,724 28,364
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to related parties 2,904,130 1,038,549
2,904,130 1,038,549
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Dividends
There were no dividends paid or proposed in the current or prior year.
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10. Related Party Transactions
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” not to disclose transactions with entities that are wholly owned members of the group.
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Mavenoid AB . Mavenoid AB was incorporated in Sweden. Copies of the group accounts may be obtained from the secretary, Grev Turegatan 8, Stockholm, Sweden, 114 46 . The ultimate controlling party is Mavenoid AB who controls 100% of the shares of Mavenoid Ltd .
12. Audit Information
The auditors report on the account of Mavenoid Ltd for the year ended 31 December 2023 was unqualified
The auditor's report was signed by David Wheeler (Senior Statutory Auditor) for and on behalf of Bourner Bullock , Statutory Auditor
Bourner Bullock
Chartered Accountants
114 St Martin’s Lane
Covent Garden
London
WC2N 4BE
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