Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 05286104 Mrs Sona Chaturvedi Mr Anurag Chaturvedi Mrs Sona Chaturvedi iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05286104 2023-03-31 05286104 2024-03-31 05286104 2023-04-01 2024-03-31 05286104 frs-core:CurrentFinancialInstruments 2024-03-31 05286104 frs-core:Non-currentFinancialInstruments 2024-03-31 05286104 frs-core:ComputerEquipment 2024-03-31 05286104 frs-core:ComputerEquipment 2023-04-01 2024-03-31 05286104 frs-core:ComputerEquipment 2023-03-31 05286104 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 05286104 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 05286104 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 05286104 frs-core:PlantMachinery 2024-03-31 05286104 frs-core:PlantMachinery 2023-04-01 2024-03-31 05286104 frs-core:PlantMachinery 2023-03-31 05286104 frs-core:ShareCapital 2024-03-31 05286104 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 05286104 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05286104 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 05286104 frs-bus:SmallEntities 2023-04-01 2024-03-31 05286104 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05286104 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05286104 frs-bus:Director1 2023-04-01 2024-03-31 05286104 frs-bus:Director1 2023-03-31 05286104 frs-bus:Director1 2024-03-31 05286104 frs-bus:Director2 2023-04-01 2024-03-31 05286104 frs-bus:Director2 2023-03-31 05286104 frs-bus:Director2 2024-03-31 05286104 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 05286104 frs-countries:EnglandWales 2023-04-01 2024-03-31 05286104 2022-03-31 05286104 2023-03-31 05286104 2022-04-01 2023-03-31 05286104 frs-core:CurrentFinancialInstruments 2023-03-31 05286104 frs-core:Non-currentFinancialInstruments 2023-03-31 05286104 frs-core:ShareCapital 2023-03-31 05286104 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 05286104
Marvel X Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Corinium Accountancy Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05286104
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 92,393 53,633
92,393 53,633
CURRENT ASSETS
Stocks 5 847,414 816,035
Debtors 6 457,265 509,486
Cash at bank and in hand 45,619 73,429
1,350,298 1,398,950
Creditors: Amounts Falling Due Within One Year 7 (670,979 ) (556,972 )
NET CURRENT ASSETS (LIABILITIES) 679,319 841,978
TOTAL ASSETS LESS CURRENT LIABILITIES 771,712 895,611
Creditors: Amounts Falling Due After More Than One Year 8 (91,843 ) (189,659 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,008 ) (6,457 )
NET ASSETS 673,861 699,495
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 673,851 699,485
SHAREHOLDERS' FUNDS 673,861 699,495
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 Anurag Chaturvedi
Director
7th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Marvel X Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05286104 . The registered office is Unit 8 Oaktree Business Centre, Spitfire Way, South Marston, Swindon, Wiltshire, SN3 4TX.
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. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Leasehold 10% on cost
Plant & Machinery 20% on cost
Computer Equipment 33% on Cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. 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.
2.6. 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.
Page 3
Page 4
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 63,219 4,390 17,076 84,685
Additions 47,486 - 295 47,781
As at 31 March 2024 110,705 4,390 17,371 132,466
Depreciation
As at 1 April 2023 11,718 4,298 15,036 31,052
Provided during the period 7,905 50 1,066 9,021
As at 31 March 2024 19,623 4,348 16,102 40,073
Net Book Value
As at 31 March 2024 91,082 42 1,269 92,393
As at 1 April 2023 51,501 92 2,040 53,633
5. Stocks
2024 2023
£ £
Finished goods 847,414 816,035
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 308,272 367,595
Other debtors 148,993 141,891
457,265 509,486
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 379,026 224,587
Other loans 111,774 85,932
Other creditors 168,916 223,427
Taxation and social security 11,263 23,026
670,979 556,972
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 91,843 189,659
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Sona Chaturvedi - 6,377 - - 6,377
Mr Anurag Chaturvedi - 6,377 - - 6,377
The above loan is unsecured, interest free and was repaid within 9 months of the year end.
Page 5