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REGISTERED NUMBER: 13500089 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

MV Composites Ltd

MV Composites Ltd (Registered number: 13500089)

Contents of the Financial Statements
for the year ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MV Composites Ltd

Company Information
for the year ended 31 July 2024







DIRECTORS: W J Waterman
M W Lainsbury





REGISTERED OFFICE: Unit 1, Plot 20
Hawkes Drive,
Heathcote Industrial Estate
Royal Leamington Spa
Warwickshire
CV34 6LX





REGISTERED NUMBER: 13500089 (England and Wales)





ACCOUNTANTS: Tayabali Tomlin
Chartered Accountants
Kenton House
Oxford Street
Moreton-in-Marsh
Gloucestershire
GL56 0LA

MV Composites Ltd (Registered number: 13500089)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 258,062 72,647

CURRENT ASSETS
Stocks 60,000 5,000
Debtors 5 258,327 38,191
Cash at bank 5,638 11,735
323,965 54,926
CREDITORS
Amounts falling due within one year 6 354,181 57,283
NET CURRENT LIABILITIES (30,216 ) (2,357 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

227,846

70,290

CREDITORS
Amounts falling due after more than one
year

7

(91,013

)

(31,819

)

PROVISIONS FOR LIABILITIES (40,130 ) (18,161 )
NET ASSETS 96,703 20,310

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 96,700 20,307
96,703 20,310

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MV Composites Ltd (Registered number: 13500089)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:




W J Waterman - Director



M W Lainsbury - Director


MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements
for the year ended 31 July 2024


1. STATUTORY INFORMATION

MV Composites Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 August 2023 - 81,186 1,714
Additions 99,276 68,251 21,879
At 31 July 2024 99,276 149,437 23,593
DEPRECIATION
At 1 August 2023 - 9,494 759
Charge for year 9,928 18,674 7,864
At 31 July 2024 9,928 28,168 8,623
NET BOOK VALUE
At 31 July 2024 89,348 121,269 14,970
At 31 July 2023 - 71,692 955

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 - - 82,900
Additions 37,778 3,379 230,563
At 31 July 2024 37,778 3,379 313,463
DEPRECIATION
At 1 August 2023 - - 10,253
Charge for year 7,556 1,126 45,148
At 31 July 2024 7,556 1,126 55,401
NET BOOK VALUE
At 31 July 2024 30,222 2,253 258,062
At 31 July 2023 - - 72,647

MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 August 2023 66,509
Additions 44,998
At 31 July 2024 111,507
DEPRECIATION
At 1 August 2023 7,253
Charge for year 18,674
At 31 July 2024 25,927
NET BOOK VALUE
At 31 July 2024 85,580
At 31 July 2023 59,256

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 191,731 28,419
Other debtors 66,596 9,772
258,327 38,191

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 159,679 -
Hire purchase contracts (see note 8) 23,467 13,860
Trade creditors 76,817 4,613
Taxation and social security 29,590 13,724
Other creditors 64,628 25,086
354,181 57,283

MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 20,490 -
Hire purchase contracts (see note 8) 50,218 31,819
Other creditors 20,305 -
91,013 31,819

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 23,467 13,860
Between one and five years 50,218 31,819
73,685 45,679

Non-cancellable operating leases
2024 2023
£    £   
Within one year 30,000 16,950
Between one and five years 105,000 5,650
135,000 22,600

9. SECURED DEBTS

Included within bank loans and overdrafts is a debt factoring facility that has been provided by Flex Abl Limited. The facility is secured by a debenture on the company and a fixed and floating charge over all of the property owned by the company.

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £46,499 (2023 - £46,707) were paid to the directors .

MV Composites Ltd (Registered number: 13500089)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


10. RELATED PARTY DISCLOSURES - continued

Included within creditors: amounts falling due within one year is director's loan account in the sum of £25,583 (2023: £5,886). The account is unsecured, interest free and carries no fixed date of repayment.

Also included within creditors: amounts falling due within one year is a loan provided by a connected party of a director in the sum of £20,061 (2023: £nil). The account is unsecured, accrues interest at a market rate and carries no fixed date of repayment.

Includes within debtors: amounts falling due within one year is a director's loan account in the sum of £15,693 (2023: £nil). The account is unsecured, accrues interest at HM Revenue & Customs official rate and is repayable upon demand.