Mvajet Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 07381770 (England and Wales)
Mvajet Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Mvajet Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
3
123,752
Cash at bank and in hand
4,153,306
7,022,355
4,277,058
7,022,355
Creditors: amounts falling due within one year
4
(4,633,245)
(7,379,756)
Net current liabilities
(356,187)
(357,401)
Capital and reserves
Called up share capital
5
45,000
45,000
Profit and loss reserves
(401,187)
(402,401)
Total equity
(356,187)
(357,401)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 March 2025
Zafrul Bhuia
Director
Company Registration No. 07381770
Mvajet Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 2
1
Accounting policies
Company information
Mvajet Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Financial support has been confirmed from Z Bhuia (a director of the company). Due to the low cost base of the company, it is not anticipated that any downturn in revenues would significantly impact the going concern status of the company, with revenues expected also to increase in the coming financial periods. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of trade discounts.
1.4
Cash at bank and in hand
Cash and cash equivalents consist of deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fair value measurement of financial instruments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Mvajet Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 3
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
123,752
-
4
Creditors: amounts falling due within one year
2024
2023
£
£
Restated
Bank loans and overdrafts
610
Other creditors
4,627,245
7,374,766
Accruals and deferred income
6,000
4,380
4,633,245
7,379,756
Mvajet Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 4
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
45,000
45,000
45,000
45,000
6
Related party transactions
Included within debtors is a balance of £80,695 (2023: creditor of £61,878) due from Z Bhuia, a director.
Included within other creditors is £477,823 (2023: £292,851) due to Curzon Securities Limited, a company owned 100% by Z Bhuia, a director of MVAJet Limited. During the year the company paid commission of £439,410 (2023: £267,704) to Curzon Securities Limited.
7
Control
The company is under the control of Z Bhuia, director.
8
Prior period adjustment
Reconciliation of changes in equity
1 February
31 January
2022
2023
£
£
Adjustments to prior year
Increase in creditors
-
450
Equity as previously reported
(358,398)
(357,851)
Equity as adjusted
(358,398)
(357,401)
Analysis of the effect upon equity
Profit and loss reserves
-
450
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Increase in turnover
227,930
Increase in cost of sales
(243,235)
Decrease in administrative expenses
15,755
Total adjustments
450
Profit as previously reported
547
Profit as adjusted
997