Registered number
02037829
Mavon Ltd
Filleted Accounts
30 April 2024
Mavon Ltd
Registered number: 02037829
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 26,903 31,204
Current assets
Stocks 5,350 4,145
Debtors 4 21,800 37,429
Cash at bank and in hand 14,991 9,929
42,141 51,503
Creditors: amounts falling due within one year 5 (34,931) (26,433)
Net current assets 7,210 25,070
Net assets 34,113 56,274
Capital and reserves
Called up share capital 110 110
Profit and loss account 34,003 56,164
Shareholder's funds 34,113 56,274
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joshua James Scott-Morris
Director
Approved by the board on 22 August 2024
Mavon Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Lands and buildings 15% Reducing balance
Plant and machinery 15% Reducing balance
Motor Vehicle 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Improvement to properties Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 52,265 86,730 24,760 163,755
Additions - 1,491 - 1,491
At 30 April 2024 52,265 88,221 24,760 165,246
Depreciation
At 1 May 2023 34,390 82,279 15,882 132,551
Charge for the year 2,681 891 2,220 5,792
At 30 April 2024 37,071 83,170 18,102 138,343
Net book value
At 30 April 2024 15,194 5,051 6,658 26,903
At 30 April 2023 17,875 4,451 8,878 31,204
4 Debtors 2024 2023
£ £
Trade debtors 21,800 35,410
Other debtors - 2,019
21,800 37,429
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,461 17,523
Taxation and social security costs 2,833 6,634
Other creditors 24,637 2,276
34,931 26,433
6 Related party transactions
At the year end the director is owedd £11,508 (2023: £49). This amount is payable on demand and is interest free.
7 Other information
Mavon Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Croft Enterprise Park
Scott Street
Hull
HU2 8AP
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