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Registered number: 11065706
Mola Ventures Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11065706
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,671 7,714
4,671 7,714
CURRENT ASSETS
Debtors 5 20,536 18,013
Cash at bank and in hand 156 100
20,692 18,113
Creditors: Amounts Falling Due Within One Year 6 (350 ) -
NET CURRENT ASSETS (LIABILITIES) 20,342 18,113
TOTAL ASSETS LESS CURRENT LIABILITIES 25,013 25,827
Creditors: Amounts Falling Due After More Than One Year 7 (42,131 ) (44,090 )
NET LIABILITIES (17,118 ) (18,263 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account (18,118 ) (19,263 )
SHAREHOLDERS' FUNDS (17,118) (18,263)
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Olukunmi Ajadi
Director
26/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mola Ventures Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11065706 . The registered office is 63 Sandpiper Drive, Erith, DA8 2NH.
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.
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:
Plant & Machinery 20% SL
Fixtures & Fittings 20% SL
Computer Equipment 20% SL
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 8,155 5,073 1,984 15,212
As at 30 November 2023 8,155 5,073 1,984 15,212
...CONTINUED
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Depreciation
As at 1 December 2022 3,262 3,045 1,191 7,498
Provided during the period 1,631 1,015 397 3,043
As at 30 November 2023 4,893 4,060 1,588 10,541
Net Book Value
As at 30 November 2023 3,262 1,013 396 4,671
As at 1 December 2022 4,893 2,028 793 7,714
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 20,536 18,013
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 350 -
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 42,131 44,090
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 4