MVP MEDIA CIC

Company limited by guarantee

Company Registration Number:
09957236 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

MVP MEDIA CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

MVP MEDIA CIC

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The principal activity of the company is cultural education



Directors

The director shown below has held office during the whole of the period from
1 April 2023 to 31 March 2024

Samuel Vasant


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
13 February 2025

And signed on behalf of the board by:
Name: Samuel Vasant
Status: Director

MVP MEDIA CIC

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 65,662 27,858
Cost of sales: ( 59,395 ) ( 66,939 )
Gross profit(or loss): 6,267 (39,081)
Distribution costs: 0 0
Administrative expenses: ( 12,667 ) ( 46,510 )
Operating profit(or loss): (6,400) (85,591)
Interest receivable and similar income: 13 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (6,387) (85,591)
Profit(or loss) for the financial year: (6,387) (85,591)

MVP MEDIA CIC

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 7,783 7,960
Total fixed assets: 7,783 7,960
Current assets
Debtors: 4 791
Cash at bank and in hand: 1,726 362
Total current assets: 1,726 1,153
Creditors: amounts falling due within one year: 5 ( 88,263 ) ( 81,480 )
Net current assets (liabilities): (86,537) (80,327)
Total assets less current liabilities: (78,754) ( 72,367)
Total net assets (liabilities): (78,754) (72,367)
Members' funds
Profit and loss account: (78,754) ( 72,367)
Total members' funds: ( 78,754) (72,367)

The notes form part of these financial statements

MVP MEDIA CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 14 February 2025
and signed on behalf of the board by:

Name: Samuel Vasant
Status: Director

The notes form part of these financial statements

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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. 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.

    Tangible fixed assets depreciation policy

    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: Office Equipment 3 Year Straight line method

    Other accounting policies

    Government grants The accounting policy adopted for grants in accordance with paragraph 24.4 (ie the performance model or the accrual model); the nature and amounts of grants recognized in the financial statements; unfulfilled conditions and other contingencies attaching to grants that have been recognized in income; and an indication of other forms of government assistance from which the entity has directly benefited. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables. 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. 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.

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 3 3

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 27,086 27,086
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 27,086 27,086
Depreciation
At 1 April 2023 19,126 19,126
Charge for year 177 177
On disposals
Other adjustments
At 31 March 2024 19,303 19,303
Net book value
At 31 March 2024 7,783 7,783
At 31 March 2023 7,960 7,960

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

2024 2023
£ £
Trade debtors 791
Total   791

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 88,263 81,480
Total 88,263 81,480

MVP MEDIA CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
Directors made some advance loan to the company in order to overcome deficit in payment of expenses
£
Balance at 31 March 2023 81,480
Advances or credits made: 6,036
Advances or credits repaid:
Balance at 31 March 2024 87,516

COMMUNITY INTEREST ANNUAL REPORT

MVP MEDIA CIC

Company Number: 09957236 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

The Company’s principal activity is to provide benefit to young people (aged 12 – 24) in particular those that are targeted vulnerable or of disadvantaged backgrounds. The company also aims to provide workshops for secondary schools PRU’s and alternative provisions. Using digital media as vehicle, MVP aims to progress young people through education into meaningful careers of the 21st century. Due to a tough financial year through a high demand of charities and CICs applying for limited funds, MVP’s directors had to invest their own money to survive this year. This also meant a reduction in projects and beneficiaries. In this financial year, MVP Media ran workshops for Waltham Forest and Enfield councils for disadvantaged young people. MVP ran an employability course for adult learning and produced digital media. MVP supported 40 young people through workshops and around 100 disadvantaged people through the employability course. MVP also gave young people the opportunity to work alongside the content production team as volunteers to support professional and vocational development.

Consultation with stakeholders

In consultation with its stakeholders, MVP has shifted its focus to an economic approach as support mechanism for young people. Focusing on the holistic skillsets that are relevant for the jobs of the future, MVP additionally now holds workshops on the 4th Industrial Revolution, artificial intelligence, upcoming and depleting sectors in the future and vocational and holistic skillsets required to survive the global shift into a tech-based society. MVP’s Senior Management Team holds ongoing consultation sessions that focus on economics, foresight, pattern/ trends and corporate navigation. These include influential industry heavyweights from NPA Management, RElab.tech, ABRSM, House of Lords, film and music sector, Greater London Authority, local authorities and the education sector. Areas, such as recession, unemployment, creative industry diversity and inclusion issues, digital evolution of businesses, jobs of the future, Artificial Intelligence and Virtual Reality developments, where investigated to influence vocational subjects, growth sectors and the digital inclusion strategy. MVP's Youth Steering Committee submits intel on youth culture, current youth issues and trends. This ensures relevancy, impact, attendance, retention and progression, furthermore exposing issues in real-time. This committee provided intel on needs and demands of marginalised young people, post pandemic effects digital content themes, new media, type of shows and social media platforms

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
14 February 2025

And signed on behalf of the board by:
Name: Samuel Vasanth
Status: Director