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Registration number: 06429075 (England & Wales)

MAV Systems Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

MAV Systems Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

MAV Systems Limited

Company Information

Directors

P Henden

S Walker

P Scofield

M R Hutchinson

Registered office

White Lion House
Gloucester Road
Staverton
Cheltenham
GL51 0TF

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

MAV Systems Limited

(Registration number: 06429075)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

226,239

255,361

 

226,239

255,361

Current assets

 

Stocks

3,144,919

2,863,272

Debtors

6

2,448,806

1,866,341

Cash at bank and in hand

 

3,473,159

4,643,709

 

9,066,884

9,373,322

Creditors: Amounts falling due within one year

7

(1,616,080)

(1,618,595)

Net current assets

 

7,450,804

7,754,727

Total assets less current liabilities

 

7,677,043

8,010,088

Provisions

8

(36,000)

(30,000)

Deferred tax liabilities

9

(15,959)

(26,845)

Net assets

 

7,625,084

7,953,243

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

7,625,074

7,953,233

Shareholders' funds

 

7,625,084

7,953,243

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 17 December 2024 and signed on its behalf by:
 

S Walker
Director

   
     
 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
White Lion House
Gloucester Road
Staverton
Cheltenham
GL51 0TF

The principal place of business is:
Unit 1
Lullingstone Park Farm Offices
Eynesford
Kent
DA4 0JA

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pound Sterling, being the functional currency of the primary economic environment in which the company operates.

Name of parent of group

These financial statements are consolidated in the financial statements of The Traffic Group Limited.

The financial statements of The Traffic Group Limited may be obtained from the company's registered office.

Going concern

The directors have prepared forecast information which covers a period of at least 12 months from the date of approval of these financial statements. After reviewing these forecasts, the directors have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

Key sources of estimation uncertainty relate to the provision against stock of £64,182 (2023 - £58,434), the warranty provision of £36,000 (2023 - £30,000) and dilapidation provisions of £25,000 (2023 - £30,000).

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 and after eliminating sales within the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings & equipment

12.5% - 50% per annum on cost

Intangible assets

Intellectual property acquired separately is recognised at fair value at the acquisition date.

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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

Intellectual property

units-of-production basis up to April 2023

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 goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 31).

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Intellectual property
 £

Cost or valuation

At 1 May 2023

64,832

At 30 April 2024

64,832

Amortisation

At 1 May 2023

64,832

At 30 April 2024

64,832

Carrying amount

At 30 April 2024

-

At 30 April 2023

-

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 May 2023

702,595

Additions

72,436

At 30 April 2024

775,031

Depreciation

At 1 May 2023

447,234

Charge for the year

101,558

At 30 April 2024

548,792

Carrying amount

At 30 April 2024

226,239

At 30 April 2023

255,361

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,291,563

1,742,702

Prepayments

154,313

120,909

Other debtors

2,930

2,730

 

2,448,806

1,866,341

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

498,550

452,521

Amounts due to related parties

263,877

262,372

Social security and other taxes

429,520

489,581

Outstanding defined contribution pension costs

18,595

15,745

Other payables

44,810

45,358

Accruals

137,368

139,019

Income tax liability

118,044

84,544

Deferred income

105,316

129,455

1,616,080

1,618,595

8

Provisions

Warranties
£

At 1 May 2023

30,000

Additional provisions

6,000

At 30 April 2024

36,000

Warranties relate to management's best estimate of the likely committed cash flow in respect of products sold prior to 30 April 2024 with a warranty.

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

53,336

Short term timing differences

(37,377)

15,959

2023

Liability
£

Fixed asset timing differences

60,587

Short term timing differences

(33,742)

26,845

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £0.01 each

800

8

800

8

Ordinary B shares of £0.01 each

200

2

200

2

1,000

10

1,000

10

The Ordinary A shares and the Ordinary B shares rank pari passu in all respects except as follows:

Holders of the Ordinary A shares who are also directors of the company are entitled to a second or casting vote at meetings of the board of directors, whilst Ordinary B share holders are entitled to a single vote.

Holders of the Ordinary B shares are not entitled to a return of capital of the company in the event of a deemed transfer event, whilst Ordinary A share holders are entitled to a return of capital under such circumstances

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

153,728

115,000

Later than one year and not later than five years

583,482

460,000

Later than five years

94,000

191,667

831,210

766,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £126,803 (2023 - £115,000).

12

Related party transactions

Transactions with group companies
Amounts owed to group companies are set out in note 7 of these financial statements.

Transactions with other related parties
Other related parties comprise of entities in which certain of the directors are directors and shareholders of. During the year the company made purchases of £1,435,727 (2023 - £1,830,779) from other related parties. At the balance sheet date, amounts due to other related parties amounted to £3,997 (2023 - £40,764), which are included in trade creditors.

 

MAV Systems Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Parent and ultimate parent undertaking

The company's immediate parent is The Traffic Group Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is The Traffic Group Limited. These financial statements are available upon request from the company's registered office.

 

14

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 18 December 2024 was Paul Fussell , who signed for and on behalf of Hazlewoods LLP .