Registered number
09459690
MVKA LIMITED
Filleted Accounts
31 December 2023
MVKA LIMITED
Registered number: 09459690
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,870 7,550
Current assets
Stocks 59,628 83,017
Debtors 4 142,783 135,100
Investments held as current assets 5 2,000 2,000
Cash at bank and in hand 54,500 49,058
258,911 269,175
Creditors: amounts falling due within one year 6 (216,998) (153,247)
Net current assets 41,913 115,928
Total assets less current liabilities 50,783 123,478
Creditors: amounts falling due after more than one year 7 13,570 (19,120)
Net assets 64,353 104,358
Capital and reserves
Called up share capital 200 200
Profit and loss account 64,153 104,158
Shareholders' funds 64,353 104,358
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Thomas Norrell
Director
Approved by the board on 18 September 2024
MVKA LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment
£
Cost
At 1 January 2023 18,040
Additions 2,884
At 31 December 2023 20,924
Depreciation
At 1 January 2023 10,490
Charge for the year 1,564
At 31 December 2023 12,054
Net book value
At 31 December 2023 8,870
At 31 December 2022 7,550
4 Debtors 2023 2022
£ £
Trade debtors 142,541 134,769
Other debtors 242 331
142,783 135,100
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 2,000 2,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,926 2,307
Trade creditors 32,550 606
Taxation and social security costs 41,898 59,081
Directors' Loan Accounts 9,698 (5,159)
Other creditors 127,926 96,412
216,998 153,247
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,973 9,642
Amounts owed to associated company (20,543) 9,478
(13,570) 19,120
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Thomas Norrell
Loan Account 5,204 1,681 (7,452) (567)
Andrew Bowles
Loan Account (45) 1,127 (10,213) (9,131)
5,159 2,808 (17,665) (9,698)
9 Other information
MVKA LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
23 Regent Street
Brighton
East Sussex
BN1 1UL
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