Moventi Limited 10586421 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is wholesale of office furniture. Digita Accounts Production Advanced 6.30.9574.0 true 10586421 2024-01-01 2024-12-31 10586421 2024-12-31 10586421 core:RetainedEarningsAccumulatedLosses 2024-12-31 10586421 core:ShareCapital 2024-12-31 10586421 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10586421 bus:SmallEntities 2024-01-01 2024-12-31 10586421 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 10586421 bus:FullAccounts 2024-01-01 2024-12-31 10586421 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10586421 bus:RegisteredOffice 2024-01-01 2024-12-31 10586421 bus:Director5 2024-01-01 2024-12-31 10586421 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10586421 core:Goodwill 2024-01-01 2024-12-31 10586421 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 10586421 core:FurnitureFittings 2024-01-01 2024-12-31 10586421 core:PlantMachinery 2024-01-01 2024-12-31 10586421 core:Vehicles 2024-01-01 2024-12-31 10586421 countries:EnglandWales 2024-01-01 2024-12-31 10586421 2023-12-31 10586421 2023-01-01 2023-12-31 10586421 2023-12-31 10586421 core:RetainedEarningsAccumulatedLosses 2023-12-31 10586421 core:ShareCapital 2023-12-31 10586421 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 10586421

Moventi Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Moventi Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Moventi Limited

(Registration number: 10586421)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

59,349

57,869

Current assets

 

Stocks

407,582

312,593

Debtors

942,335

694,288

Cash at bank and in hand

 

433,644

604,095

 

1,783,561

1,610,976

Creditors: Amounts falling due within one year

(996,203)

(945,165)

Net current assets

 

787,358

665,811

Total assets less current liabilities

 

846,707

723,680

Provisions for liabilities

(27,016)

(6,845)

Net assets

 

819,691

716,835

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

819,591

716,735

Total equity

 

819,691

716,835

 

Moventi Limited

(Registration number: 10586421)
Abridged Balance Sheet as at 31 December 2024

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

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

Mr L Hamilton

Director

 

Moventi Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spectrum House
St Ivel Way
Warmley
Bristol
BS30 8TY

These financial statements were authorised for issue by the Board on 2 April 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Fixtures and fittings

25% Straight line

 

Moventi Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Plant and machinery

20% Straight line

Motor Vehicles

20% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Straight line over 3 years

Goodwill

Straight line over 5 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 14).

 

Moventi Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

184,400

At 31 December 2024

184,400

Amortisation

At 1 January 2024

184,400

At 31 December 2024

184,400

Carrying amount

At 31 December 2024

-

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2024

108,240

Additions

17,859

Disposals

(6,470)

At 31 December 2024

119,629

Depreciation

At 1 January 2024

50,371

Charge for the year

11,526

Eliminated on disposal

(1,617)

At 31 December 2024

60,280

Carrying amount

At 31 December 2024

59,349

At 31 December 2023

57,869

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £105,271 (2023 - £252,382). At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

 

Moventi Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

7

Prior year adjustment

In accordance with FRS 102 Section 1A, the company has made a prior year adjustment to its financial statements for the year ended 31 December 2024. The adjustment is due to the derecognition of an accrual that was previously included within the accounts.

The nature of the prior year adjustment is as follows:

1. Other creditors: An accrual has been derecognised in the balance sheet, which was previously accounted for in prior periods. This has resulted in a decrease in both liabilities and corresponding adjustments to the financial position of the company.
2. Retained Earnings: As a result of the adjustments to the accrual, retained earnings have been restated. This restatement reflects the correction of prior period errors and ensures the financial statements present a true and fair view.

The effect of the prior year adjustment is reflected in the restated comparative figures, as follows:

 

As previously stated
£

Adjustment
£

Restated figures 31 March 2023
£

Other creditors

466,579

(33,996)

432,583

Retained earnings

682,739

33,996

716,735

    


The adjustments were made to ensure compliance with FRS 102 and to provide a more accurate representation of the company's financial position in the prior year.

The comparative figures for the prior year are presented in accordance with the adjustments described above, and no other changes to the company's accounting policies or financial statements for the current year have been made.