Registration number:
MAV Systems Limited
for the Year Ended 30 April 2024
MAV Systems Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
MAV Systems Limited
Company Information
Directors |
P Henden S Walker P Scofield M R Hutchinson |
Registered office |
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Auditors |
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MAV Systems Limited
(Registration number: 06429075)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Provisions |
(36,000) |
(30,000) |
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Deferred tax liabilities |
(15,959) |
(26,845) |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Retained earnings |
7,625,074 |
7,953,233 |
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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
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MAV Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
The principal place of business is:
Unit 1
Lullingstone Park Farm Offices
Eynesford
Kent
DA4 0JA
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
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
Recognition and measurement
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
MAV Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Intangible assets |
Intellectual property |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
- |
At 30 April 2023 |
- |
Tangible assets |
Furniture, fittings and equipment |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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MAV Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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Income tax liability |
118,044 |
84,544 |
Deferred income |
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Provisions |
Warranties |
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At 1 May 2023 |
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Additional provisions |
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At 30 April 2024 |
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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.
Deferred tax |
Deferred tax assets and liabilities
2024 |
Liability |
Fixed asset timing differences |
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Short term timing differences |
( |
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2023 |
Liability |
Fixed asset timing differences |
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Short term timing differences |
( |
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MAV Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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8 |
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8 |
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2 |
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2 |
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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 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Audit report |