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Registration number: 05912517

MVG Devon Ltd

Unaudited Filleted Financial Statements

for the Period from 1 September 2023 to 30 June 2024

 

MVG Devon Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

MVG Devon Ltd

Company Information

Directors

Mr U W E Arnold

Mr A Rubens

Company secretary

Mrs DJ Hill

Registered office

31 Court Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LG

Accountants

M.J. Smith & Co Limited
Chartered Accountants
11 Yeo Business Park
Axehayes Farm Clyst St Mary
Exeter
Devon
EX5 1DP

 

MVG Devon Ltd

Profit and Loss Account for the Period from 1 September 2023 to 30 June 2024

Note

2024
£

2023
£

Turnover

 

1,539,857

1,662,279

Cost of sales

 

(1,127,828)

(1,204,137)

Gross profit

 

412,029

458,142

Administrative expenses

 

(281,057)

(301,599)

Other operating income

 

-

7,071

Operating profit

 

130,972

163,614

Other interest receivable and similar income

 

412

28

Interest payable and similar expenses

 

(19,755)

(10,133)

   

(19,343)

(10,105)

Profit before tax

4

111,629

153,509

Tax on profit

 

(32,040)

(37,211)

Profit for the financial period

 

79,589

116,298

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

MVG Devon Ltd

(Registration number: 05912517)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

fixed assets

 

Intangible assets

6

5,428

9,306

tangible assets

7

283,941

300,101

 

289,369

309,407

Current assets

 

stocks

8

96,727

79,948

Debtors

9

141,937

113,730

Cash at bank and in hand

 

6,963

34,268

 

245,627

227,946

Creditors: Amounts falling due within one year

10

(227,978)

(203,995)

Net current assets

 

17,649

23,951

Total assets less current liabilities

 

307,018

333,358

Creditors: Amounts falling due after more than one year

10

(172,807)

(174,335)

Net assets

 

134,211

159,023

capital and reserves

 

Called up share capital

100

100

Profit and loss account

134,111

158,923

Total equity

 

134,211

159,023

For the financial period ending 30 June 2024 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 period 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 18 October 2024 and signed on its behalf by:
 

 

MVG Devon Ltd

(Registration number: 05912517)
Balance Sheet as at 30 June 2024

.........................................
Mr A Rubens
Director

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

1

General information

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

The address of its registered office is:
31 Court Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LG

These financial statements were authorised for issue by the Board on 18 October 2024.

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.

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

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.

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

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Land and buildings

5% per annum of cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 28 (2023 - 28).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

25,607

34,505

Amortisation expense

3,877

4,653

5

Taxation on profits on ordinary activities

Note

2024
£

31 August 2023
 £

Tax reconciliation

 

UK corporation tax

 

32,040

36,908

UK corporation tax adjustment to prior periods

 

-

303

 

32,040

37,211

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

84,600

84,600

At 30 June 2024

84,600

84,600

Amortisation

At 1 September 2023

75,294

75,294

Amortisation charge

3,878

3,878

At 30 June 2024

79,172

79,172

Carrying amount

At 30 June 2024

5,428

5,428

At 31 August 2023

9,306

9,306

7

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 September 2023

326,589

68,476

126,314

521,379

Additions

-

7,800

1,647

9,447

At 30 June 2024

326,589

76,276

127,961

530,826

Depreciation

At 1 September 2023

81,021

51,458

88,799

221,278

Charge for the period

12,278

5,170

8,159

25,607

At 30 June 2024

93,299

56,628

96,958

246,885

Carrying amount

At 30 June 2024

233,290

19,648

31,003

283,941

At 31 August 2023

245,568

17,018

37,515

300,101

Included within the net book value of land and buildings above is £233,289 (2023 - £245,567) in respect of freehold land and buildings and £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

8

Stocks

2024
£

2023
£

Other inventories

96,727

79,948

9

Debtors

Current

2024
£

2023
£

Trade debtors

129,773

103,544

Prepayments

10,445

8,467

Other debtors

1,719

1,719

 

141,937

113,730

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

12

21,287

11,269

trade creditors

 

74,631

82,151

Taxation and social security

 

84,670

39,626

Accruals and deferred income

 

13,875

16,105

Other creditors

 

32,071

36,908

Director's current account

 

1,444

17,936

 

227,978

203,995

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

172,807

174,335

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

12

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

172,807

174,335

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,776

11,269

Bank overdrafts

12,511

-

21,287

11,269

13

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 1,044.00 (2023 - 1,112.00) per each Ordinary dividends

104,400

111,200

 

 

14

Parent and ultimate parent undertaking

The ultimate controlling party is Mr U W E Arnold & Mr A M Rubens by virtue of their 100% shareholding .