Registered number
06230640
MV Trading Ltd
Abridged Accounts
31 August 2024
MV Trading Ltd
Registered number: 06230640
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 36,623 55,404
Tangible assets 4 39,805 37,904
76,428 93,308
Current assets
Stocks 225,036 228,319
Debtors 5 5,875 5,875
Cash at bank and in hand 73,142 99,797
304,053 333,991
Creditors: amounts falling due within one year 6 (320,221) (253,506)
Net current (liabilities)/assets (16,168) 80,485
Total assets less current liabilities 60,260 173,793
Creditors: amounts falling due after more than one year 7 (9,731) (119,731)
Net assets 50,529 54,062
Capital and reserves
Called up share capital 10,000 10,000
Share premium 40,400 40,400
Profit and loss account 129 3,662
Shareholders' funds 50,529 54,062
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 members have 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.
R Purewal
Director
Approved by the board on 16 January 2025
MV Trading Ltd
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 93,904
At 31 August 2024 93,904
Amortisation
At 1 September 2023 38,500
Provided during the year 18,781
At 31 August 2024 57,281
Net book value
At 31 August 2024 36,623
At 31 August 2023 55,404
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 21,872 66,878 - 88,750
Additions - - 7,954 7,954
At 31 August 2024 21,872 66,878 7,954 96,704
Depreciation
At 1 September 2023 5,245 45,601 - 50,846
Charge for the year 874 3,191 1,988 6,053
At 31 August 2024 6,119 48,792 1,988 56,899
Net book value
At 31 August 2024 15,753 18,086 5,966 39,805
At 31 August 2023 16,627 21,277 - 37,904
5 Debtors 2024 2023
£ £
Other debtors 5,875 5,875
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,291 10,000
Trade creditors 114,390 93,693
Taxation and social security costs 19,693 24,014
Other creditors 158,847 125,799
320,221 253,506
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,731 19,731
Other creditors - 100,000
9,731 119,731
8 Other information
MV Trading Ltd is a private company limited by shares and incorporated in England. Its registered office is:
14 Fewster Square
Gateshead
Tyne & Wear
NE10 8XQ
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