Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalse152023-01-01No description of principal activity15truefalse 00332744 2023-01-01 2023-12-31 00332744 2022-01-01 2022-12-31 00332744 2023-12-31 00332744 2022-12-31 00332744 2022-01-01 00332744 c:Director2 2023-01-01 2023-12-31 00332744 d:Buildings 2023-01-01 2023-12-31 00332744 d:Buildings 2023-12-31 00332744 d:Buildings 2022-12-31 00332744 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00332744 d:PlantMachinery 2023-01-01 2023-12-31 00332744 d:PlantMachinery 2023-12-31 00332744 d:PlantMachinery 2022-12-31 00332744 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00332744 d:MotorVehicles 2023-01-01 2023-12-31 00332744 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00332744 d:CurrentFinancialInstruments 2023-12-31 00332744 d:CurrentFinancialInstruments 2022-12-31 00332744 d:Non-currentFinancialInstruments 2023-12-31 00332744 d:Non-currentFinancialInstruments 2022-12-31 00332744 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00332744 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00332744 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 00332744 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 00332744 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 00332744 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 00332744 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 00332744 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 00332744 d:ShareCapital 2023-12-31 00332744 d:ShareCapital 2022-12-31 00332744 d:RetainedEarningsAccumulatedLosses 2023-12-31 00332744 d:RetainedEarningsAccumulatedLosses 2022-12-31 00332744 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00332744 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00332744 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 00332744 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 00332744 d:RetirementBenefitObligationsDeferredTax 2023-12-31 00332744 d:RetirementBenefitObligationsDeferredTax 2022-12-31 00332744 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00332744 c:OrdinaryShareClass1 2023-12-31 00332744 c:FRS102 2023-01-01 2023-12-31 00332744 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 00332744 c:FullAccounts 2023-01-01 2023-12-31 00332744 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00332744 d:WithinOneYear 2023-12-31 00332744 d:WithinOneYear 2022-12-31 00332744 d:BetweenOneFiveYears 2023-12-31 00332744 d:BetweenOneFiveYears 2022-12-31 00332744 2 2023-01-01 2023-12-31 00332744 6 2023-01-01 2023-12-31 00332744 2 2023-12-31 00332744 2 2022-12-31 00332744 f:PoundSterling 2023-01-01 2023-12-31 00332744 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 00332744 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00332744









MARVIC TEXTILES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MARVIC TEXTILES LIMITED
REGISTERED NUMBER: 00332744

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
31,003
38,167

Investments
 5 
1
1

  
31,004
38,168

Current assets
  

Stocks
 6 
777,246
758,124

Debtors: amounts falling due within one year
 7 
215,610
280,805

Cash at bank and in hand
 8 
16,078
80,503

  
1,008,934
1,119,432

Creditors: amounts falling due within one year
 9 
(368,712)
(549,405)

Net current assets
  
 
 
640,222
 
 
570,027

Total assets less current liabilities
  
671,226
608,195

Creditors: amounts falling due after more than one year
 10 
(17,500)
(27,500)

  

Net assets
  
653,726
580,695


Capital and reserves
  

Called up share capital 
 13 
50,000
50,000

Profit and loss account
  
603,726
530,695

  
653,726
580,695


Page 1

 
MARVIC TEXTILES LIMITED
REGISTERED NUMBER: 00332744
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




P M Afia
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Marvic Textiles Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Unit 3 Westpoint Trading Estate, Alliance Road, London, W3 0RA.
The company's principal activity continues to be that of wholesale of textiles.

2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company is a parent undertaking of a small group and as such it is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the comapny as an individual undertaking and not about its group.
The following principal accounting policies have been applied:

 
2.2

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are not significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 4

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land & building
-
25%
reducing balance
Plant & machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income .

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

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.

Page 6

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15)


4.


Tangible fixed assets





Land and building
Plant & machinery
Total

£
£
£



Cost


At 1 January 2023
43,990
326,557
370,547


Additions
-
2,098
2,098



At 31 December 2023

43,990
328,655
372,645



Depreciation


At 1 January 2023
43,982
288,398
332,380


Charge for the year
7
9,255
9,262



At 31 December 2023

43,989
297,653
341,642



Net book value



At 31 December 2023
1
31,002
31,003



At 31 December 2022
8
38,159
38,167

Page 7

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted Investments

£



Cost


At 1 January 2023
1



At 31 December 2023
1






Net book value



At 31 December 2023
1



At 31 December 2022
1


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
777,246
758,124

777,246
758,124



7.


Debtors

2023
2022
£
£


Trade debtors
34,071
105,042

Other debtors
11,886
2,477

Prepayments and accrued income
86,749
64,739

Deferred taxation
82,904
108,547

215,610
280,805




Page 8

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,078
80,503

16,078
80,503



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
132,892
120,376

Corporation tax
4
-

Other taxation and social security
16,293
10,358

Other creditors
201,877
403,643

Accruals and deferred income
7,646
5,028

368,712
549,405





10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,500
27,500

17,500
27,500


Page 9

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
7,500
17,500


27,500
37,500


Page 10

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Deferred taxation




2023
2022


£

£






(Asset)/liability at beginning of year
(108,547)
8,932


Debited/(credited) to the Statement of comprehensive income
25,643
(117,479)



Asset at end of year
(82,904)
(108,547)

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
7,751
9,542

Other timing differences
(182)
(268)

Carried forward tax losses
(90,473)
(117,821)

(82,904)
(108,547)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 Ordinary shares of £1 each
50,000
50,000



14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £11,316 (2022 - £13,452). Employer contributions totalling £728 (2022 - £1,070) were payable at the reporting date.

Page 11

 
MARVIC TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
114,956
114,956

Later than 1 year and not later than 5 years
114,956
229,912

229,912
344,868


16.


Related party transactions

At 31 December 2023, the company owed £90,766 (2022 - £210,224) to the directors.
 
The company is taking exemption under FRS102 for disclosing transactons with it's 100% owned subsidiary. However, the directors note that the net balance due from it's subsidiary is £24,058 (2022 - £30,538 due to).


17.


Controlling party

The ultimate controlling party of the company is a P M Afia, by virtue of his majority shareholding.

 
Page 12