Company No:
Contents
Note | 31.05.2024 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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44,423 | ||
Current assets | ||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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397,743 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 64,931 | |
Total assets less current liabilities | 109,354 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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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:
A R Beckett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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.
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.
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.
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.
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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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.
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.
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.
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.
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.
13 month period to 31.05.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period. |
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The directors did not receive any remuneration in the year (2023: £nil).
Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 10 May 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||||||
At 10 May 2023 |
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Charge for the financial period |
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At 31 May 2024 |
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Net book value | |||||||
At 31 May 2024 |
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31.05.2024 | |
£ | |
Stocks |
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31.05.2024 | |
£ | |
Trade debtors |
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Amounts owed by directors |
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Other debtors |
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31.05.2024 | |
£ | |
Cash at bank and in hand |
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31.05.2024 | |
£ | |
Trade creditors |
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Amounts owed to related parties |
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Accruals |
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Deferred tax liability |
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Taxation and social security |
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31.05.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.05.2024 | |
£ | |
within one year |
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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.
The overall controlling party is Mr A Beckett who owns 70% of the called up share capital of the company.