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Company No: 14860287 (England and Wales)

MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

Unaudited Financial Statements
For the 13 month period from 10 May 2023 to 31 May 2024
Pages for filing with the registrar

MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

Unaudited Financial Statements

For the 13 month period from 10 May 2023 to 31 May 2024

Contents

MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

BALANCE SHEET

As at 31 May 2024
MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

BALANCE SHEET (continued)

As at 31 May 2024
Note 31.05.2024
£
Fixed assets
Tangible assets 3 44,423
44,423
Current assets
Stocks 4 280,250
Debtors 5 67,975
Cash at bank and in hand 6 49,518
397,743
Creditors: amounts falling due within one year 7 ( 332,812)
Net current assets 64,931
Total assets less current liabilities 109,354
Net assets 109,354
Capital and reserves
Called-up share capital 8 100
Profit and loss account 109,254
Total shareholders' funds 109,354

For the financial period ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Moneva Group Ltd (Formerley Motus Group N.W Ltd) (registered number: 14860287) were approved and authorised for issue by the Board of Directors on 10 February 2025. They were signed on its behalf by:

A R Beckett
Director
MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

NOTES TO THE FINANCIAL STATEMENTS

For the 13 month period from 10 May 2023 to 31 May 2024
MONEVA GROUP LTD (FORMERLEY MOTUS GROUP N.W LTD)

NOTES TO THE FINANCIAL STATEMENTS

For the 13 month period from 10 May 2023 to 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Moneva Group Ltd (Formerley Motus Group N.W Ltd) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 15-16 Kincraig Business Park, Kincraig Road, Bispham, FY2 0PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The company was incorporated on 10 May 2023 and these accounts represent the 13 month period from the date of incorporation to 31 May 2025.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

13 month period
to 31.05.2024
Number
Monthly average number of persons employed by the Company during the period. 2

The directors did not receive any remuneration in the year (2023: £nil).

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 10 May 2023 0 0 0 0
Additions 1,195 49,981 676 51,852
At 31 May 2024 1,195 49,981 676 51,852
Accumulated depreciation
At 10 May 2023 0 0 0 0
Charge for the financial period 124 7,204 101 7,429
At 31 May 2024 124 7,204 101 7,429
Net book value
At 31 May 2024 1,071 42,777 575 44,423

4. Stocks

31.05.2024
£
Stocks 280,250

5. Debtors

31.05.2024
£
Trade debtors 31,000
Amounts owed by directors 36,875
Other debtors 100
67,975

6. Cash and cash equivalents

31.05.2024
£
Cash at bank and in hand 49,518

7. Creditors: amounts falling due within one year

31.05.2024
£
Trade creditors 507
Amounts owed to related parties 264,849
Accruals 5,560
Deferred tax liability 11,106
Taxation and social security 50,790
332,812

8. Called-up share capital

31.05.2024
£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100

Upon incorporation, 100 Ordinary shares at £1 each were issued at par .

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.05.2024
£
within one year 6,000

10. Related party transactions

Transactions with the entity's directors

During the year a director was advanced £33,125 by the company and repaid £nil. No interest was charged on the loan until after the year end. At the year end the director owed the company £33,125. The maximum outstanding in the year was £33,125.

During the year a director was advanced £3,750 by the company and repaid £nil. No interest was charged on the loan. At the year end the director owed the company £3,750. The maximum outstanding in the year was £3,750.

11. Ultimate controlling party

The overall controlling party is Mr A Beckett who owns 70% of the called up share capital of the company.