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REGISTERED NUMBER: 04408434 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MVH LIMITED

MVH LIMITED (REGISTERED NUMBER: 04408434)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


MVH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: W D Lloyd
S P Wantling
S L Kynaston





SECRETARIES: S P Wantling
W D Lloyd





REGISTERED OFFICE: The Mill
Morton
Oswestry
Shropshire
SY10 8BH





REGISTERED NUMBER: 04408434 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

MVH LIMITED (REGISTERED NUMBER: 04408434)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was that of a holding company.

Key performance indicators

The company monitors its performance using key performance indicators. The company considers its main key
performance indicators to be like for like sales growth and operating profit. Performance on
these measures is shown below and is in line with the expectations of the board.

2024 2023 Change %
Turnover £800,022 £803,317 (0.41% )
Operating profit £12,188,343 £8,433,257 44.53%

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities.

Financial risk management objectives and policies

The company's activities expose it to a number of financial risks including cash flow and liquidity. The board approves treasury policies, which are controlled on a day-to-day basis by senior management.

SECTION 172(1) STATEMENT
Corporate Governance Arrangements
The board of directors of the company collectively consider that they have acted in a way to promote the success of the business in the decisions taken in the year ended 31 March 2024 and the approval of the business plan for 2025.

Due to the nature and size of the company the directors fulfil their duties by utilising a governance framework and they delegate the day-to-day decision making to key management personnel, whilst maintaining the overall control of the processes and procedures the company operates.

Engagement with Suppliers, Customers and Employees
The company's board is committed to being a responsible business. Our behaviours and decision making are focused on growing a strong and stable business and we engage with all its customers, staff and suppliers.

Suppliers
The company's subsidiaries source products globally from Asia, South America and Europe and the business is reliant on brand awareness and quality. As such, a significant emphasis is placed on the supply chain and to ensure strong mutually beneficial relationships with suppliers are maintained. It is endeavoured to ensure all payments and any issues are resolved on a timely basis and uphold the principles upon which our business is built.

Customers
The board engages with all its customers through a very experienced sales and marketing network. We work very closely with them to both promote our brand and ensure that we deliver on our promises. We promote our reputation for being a family owned business who listens to our customers.


MVH LIMITED (REGISTERED NUMBER: 04408434)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

EMPLOYEE INVOLVEMENT
The company's management has an open policy on the communication of information to employees concerning factors affecting their interests as employees and also the development of the Company. It consults employees informally on a regular basis to ensure that their views are taken into account in making decisions on matters likely to affect their interests.

Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind aptitudes of the applicant concerned. In the event of a member of staff becoming disabled, every effort would be made to ensure that their employment with the group continues and that appropriate training is arranged. Disabled employees are eligible to participate in all training, career development and promotion opportunities available to staff.

ON BEHALF OF THE BOARD:





S L Kynaston - Director


20 November 2024

MVH LIMITED (REGISTERED NUMBER: 04408434)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 was £10,000,000 (2023: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

W D Lloyd
S P Wantling
S L Kynaston

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MVH LIMITED (REGISTERED NUMBER: 04408434)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S L Kynaston - Director


20 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MVH LIMITED

Opinion
We have audited the financial statements of MVH Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MVH LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MVH LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment law, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti Money Laundering, Consumer Rights Act throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MVH LIMITED


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

20 November 2024

MVH LIMITED (REGISTERED NUMBER: 04408434)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 800,022 803,317

Administrative expenses (2,611,679 ) (2,420,060 )
(1,811,657 ) (1,616,743 )

Other operating income 14,000,000 10,050,000
OPERATING PROFIT 6 12,188,343 8,433,257

Income from shares in group undertakings 10,000,000 999,650
Interest receivable and similar income 527,939 111,745
22,716,282 9,544,652

Interest payable and similar expenses 7 - (2,795 )
PROFIT BEFORE TAXATION 22,716,282 9,541,857

Tax on profit 8 (3,178,500 ) (1,622,872 )
PROFIT FOR THE FINANCIAL YEAR 19,537,782 7,918,985

MVH LIMITED (REGISTERED NUMBER: 04408434)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 19,537,782 7,918,985


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

19,537,782

7,918,985

MVH LIMITED (REGISTERED NUMBER: 04408434)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 9,091 7,882
Investments 11 1,367,391 1,367,391
1,376,482 1,375,273

CURRENT ASSETS
Debtors 12 17,814,561 15,611,387
Cash at bank 21,467,388 14,363,513
39,281,949 29,974,900
CREDITORS
Amounts falling due within one year 13 3,057,148 3,286,672
NET CURRENT ASSETS 36,224,801 26,688,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,601,283

28,063,501

CAPITAL AND RESERVES
Called up share capital 14 10,000 10,000
Retained earnings 15 37,591,283 28,053,501
SHAREHOLDERS' FUNDS 37,601,283 28,063,501

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





S L Kynaston - Director


MVH LIMITED (REGISTERED NUMBER: 04408434)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 10,000 20,134,516 20,144,516

Changes in equity
Total comprehensive income - 7,918,985 7,918,985
Balance at 31 March 2023 10,000 28,053,501 28,063,501

Changes in equity
Dividends - (10,000,000 ) (10,000,000 )
Total comprehensive income - 19,537,782 19,537,782
Balance at 31 March 2024 10,000 37,591,283 37,601,283

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

MVH Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

The company's principal place of business is Unit 9 Wilkinson Court, Clywedog Road South, Wrexham Industrial Estate, Wrexham, LL13 9AE.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historic cost convention.

The financial statements are for the individual entity only.

The financial statements are presented in sterling (£), rounded to the nearest £1.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about MVH Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, LAF Holdings Limited, whose registered office is: The Mill, Morton, Oswestry, Shropshire, SY10 8BH.

Turnover
Turnover represents commissions received and the recharge of management salaries and marketing costs to group companies as well as earnings from hire purchase receivables.

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery-33% on cost
Fixtures and fittings-25% on cost
Office equipment-25% on cost

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade receivables, amounts owed by group undertakings and cash and bank balances, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade payables and amounts owed to group undertakings, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company makes contributions to the personal pension schemes of certain key employees. Contributions are charged to the profit and loss account in the period to which they relate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 800,022 803,317
800,022 803,317

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,155,976 1,928,648
Social security costs 202,888 213,741
Other pension costs 5,955 8,963
2,364,819 2,151,352

The average number of employees during the year was as follows:
31.3.24 31.3.23

Directors and management 11 10

31.3.24 31.3.23
£    £   
Directors' remuneration 1,670,576 1,528,954

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
31.3.24 31.3.23
£    £   
Emoluments etc 1,338,800 1,225,000

6. OPERATING PROFIT

The operating profit is stated after charging:

31.3.24 31.3.23
£    £   
Depreciation - owned assets 6,522 5,957
Auditors' remuneration 7,990 13,550
Auditors' remuneration for non audit work 4,122 5,119

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Corporation tax interest paid - 2,795

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 3,178,500 1,622,872
Tax on profit 3,178,500 1,622,872

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 22,716,282 9,541,857
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

5,679,071

1,812,953

Effects of:
Expenses not deductible for tax purposes 47 939
Income not taxable for tax purposes (2,500,000 ) (189,934 )
Capital allowances in excess of depreciation (618 ) (1,086 )
Total tax charge 3,178,500 1,622,872

9. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary shares of £1 each
Interim 10,000,000 -

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 3,675 18,448 28,644 50,767
Additions - - 7,731 7,731
Disposals - - (6,109 ) (6,109 )
At 31 March 2024 3,675 18,448 30,266 52,389
DEPRECIATION
At 1 April 2023 3,675 16,518 22,692 42,885
Charge for year - 1,771 4,751 6,522
Eliminated on disposal - - (6,109 ) (6,109 )
At 31 March 2024 3,675 18,289 21,334 43,298
NET BOOK VALUE
At 31 March 2024 - 159 8,932 9,091
At 31 March 2023 - 1,930 5,952 7,882

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 1,367,391
NET BOOK VALUE
At 31 March 2024 1,367,391
At 31 March 2023 1,367,391

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Meadowvale Foods Limited
Registered office: The Mill, Morton, Oswestry, Shropshire, SY10 8BH
Nature of business: Wholesaling of food products
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 13,446,776 17,392,540
Profit for the year 6,054,236 6,255,632

Meadowvale Foods (Ireland) Limited
Registered office: Equity House, Deerpark Business Complex, Dublin Road, Carlow, Ireland.
Nature of business: Wholesaling of food products
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,655,646 1,255,968
Profit for the year 399,677 535,125

Ready Foods Limited
Registered office: The Mill, Morton, Oswestry, Shropshire, SY10 8BH
Nature of business: Food production
%
Class of shares: holding
Ordinary 75.00
Preference shares 75.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,972,265 1,618,785
Profit for the year 353,480 557,269

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS - continued

Associated company

Highbury Poultry Farm Produce Limited
Registered office: The Mill, Morton, Oswestry, Shropshire, SY10 8BH
Nature of business: Poultry products
%
Class of shares: holding
Ordinary 49.98
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 7,156,334 6,453,598
Profit for the year 702,736 785,106

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Amounts owed by group undertakings 17,808,689 15,607,318
Prepayments and accrued income 5,872 4,069
17,814,561 15,611,387

MVH Limited holds a debenture as security over amounts owed by a group undertaking which includes a fixed charge over all present freehold and leasehold property, dated 27 September 2019.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 143 13,012
Amounts owed to group undertakings 1,622,525 1,998,596
Corporation tax 271,253 290,450
Social security and other taxes 38,099 77,375
Accrued expenses 1,125,128 907,239
3,057,148 3,286,672

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

Ordinary shares are entitled to full voting rights and dividends.

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. RESERVES
Retained
earnings
£   

At 1 April 2023 28,053,501
Profit for the year 19,537,782
Dividends (10,000,000 )
At 31 March 2024 37,591,283

Retained earnings includes all current and prior period retained profits and losses.

16. CONTINGENT LIABILITIES

During a prior year the company entered into a multilateral guarantee and debenture with its parent company and fellow subsidiaries to secure liabilities owed to HSBC UK Bank Plc in respect of working capital facilities. There was no contingent liability for the company at 31 March 2024 or 31 March 2023.

HSBC UK Bank plc hold a debenture to secure banking facilities dated 28 June 2010. This includes a fixed and floating charge over all present freehold and leasehold property, first fixed charges over book and other debts, chattels, goodwill and uncalled capital both present and future and a first floating charge over all assets and undertakings both present and future.

17. RELATED PARTY DISCLOSURES

LAF Holdings Limited is the parent of the largest and smallest group for which consolidated financial statements
are prepared which include MVH Limited. The registered office of the ultimate parent company is the same as
that of MVH Limited. Group accounts are freely available from Companies House.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Dividends paid to directors and their immediate families totalled £1,500,000 (2023: £nil).

A fixed charge is held over the property of the subsidiary, Ready Foods Limited, to secure amounts owed to MVH Limited.

Included within trade creditors is amounts owed to directors in relation to business expenses totalling £1,354 (2023: £1,448).

Entities with control, joint control or significant influence over the entity
31.3.24 31.3.23
£    £   
Dividends 8,500,000 -
Amount due to related party 250,725 99,792

Entities over which the entity has control, joint control or significant influence
31.3.24 31.3.23
£    £   
Sales 369,189 829,533
Amount due from related party 1,612,980 2,579,627
Amount due to related party 1,454,724 1,898,704

MVH LIMITED (REGISTERED NUMBER: 04408434)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. RELATED PARTY DISCLOSURES - continued

Other related parties
31.3.24 31.3.23
£    £   
Purchases 25,875 25,801

18. ULTIMATE CONTROLLING PARTY

The ultimate parent company is LAF Holdings Limited, a company incorporated in England and Wales.