Registration number:
Mauveworx Limited
for the Year Ended 31 December 2024
Mauveworx Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Mauveworx Limited
Company Information
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Directors |
Mr N Fitz-Gerald Mr T Martin Mr J Martin Mr R Parker |
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Company secretary |
Mr N Fitz-Gerald |
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Registered office |
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Registered number |
10989151 (England and Wales) |
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Auditors |
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Mauveworx Limited
Strategic Report for the Year Ended 31 December 2024
Fair review of the business
The directors are pleased to present their trading report for the 12 months to 31 December 2024
The company provides creative in-store marketing, technology, printing and fulfilment services. It has complemented its service with an innovative product division that has successfully traded with the Eco-friendly cardboard sector.
The company continues to work hard to secure its place in the market and report a credible set of results in a very challenging year. The business has taken the opportunity to write down some legacy stocks to reset the company for the future. The directors are pleased with the performance of the business; despite the trading climate, it has met all its financial, commercial and supplier commitments and continues to grow and diversify its offering to its client base.
Under Roy Parker's chairmanship, the management team continues to invest in its technical platform, infrastructure, and ECO sustainability credentials to meet demand.
Our staff is at the heart of the business, and we continue to invest in them. Their efforts and commitment have enabled the company to diversify, grow, and thrive.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£m |
13 |
12 |
|
Gross profit |
£m |
3 |
3 |
|
Gross profit margin |
% |
22 |
24 |
|
EBITDA |
£k |
236 |
254 |
|
Staff numbers |
123 |
116 |
Principal risks and uncertainties
The retail market is facing numerous challenges, including increasing costs and taxes, and combined pressure to reduce margins to remain competitive while still providing excellent levels of service. The company's strategy will continue to invest in our five key business platforms, building resilience and providing a unique business proposal to our customers. The business continues investing and developing sustainable products and offerings to drive additional revenue streams from new and growing sectors through data transformation and service efficiency. Management continues to look to reduce its carbon footprint and strengthen its green credentials but is focused on reducing its fixed cost base and improving its business efficiency.
Future developments
The company is committed to investing in a safe uplifting working environment for our staff and continues to make a strategic investment in market-leading equipment and data transformation to ensure its ongoing success.
Approved and authorised by the
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Mauveworx Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
In accordance with S414C certain matters which are required to be disclosed in the Reports of the Directors have been omitted as they are included in the Strategic Report. These matters relate to the review of the business and financial performance, principal risks and uncertainties and future developments.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Ward Goodman Audit Services Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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......................................... |
Mauveworx Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mauveworx Limited
Independent Auditor's Report to the Members of Mauveworx Limited
Opinion
We have audited the financial statements of Mauveworx Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Mauveworx Limited
Independent Auditor's Report to the Members of Mauveworx Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks applicable to the company and the group and the sector in which they operate. |
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We obtained an understanding of how the company and the group are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports. |
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We assessed the susceptibility of the company and the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
Mauveworx Limited
Independent Auditor's Report to the Members of Mauveworx Limited (continued)
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Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
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Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
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Challenging assumptions and judgements made by management in its significant accounting estimates; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
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Assessing the extent of compliance with the relevant law and regulations. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF
Mauveworx Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
(As restated) |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
|
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
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Operating loss |
(73,220) |
(36,032) |
|
|
Interest payable and similar expenses |
( |
( |
|
|
Loss before tax |
( |
( |
|
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Tax on loss |
|
( |
|
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Mauveworx Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
(As restated) |
|
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
Mauveworx Limited
(Registration number: 10989151)
Balance Sheet as at 31 December 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
10,000 |
10,000 |
|
|
Share premium reserve |
402,900 |
402,900 |
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Revaluation reserve |
665,264 |
665,264 |
|
|
Retained earnings |
833,432 |
853,621 |
|
|
Shareholders' funds |
1,911,596 |
1,931,785 |
Approved and authorised by the
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Mauveworx Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
Total |
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|
At 1 January 2024 |
|
|
|
|
|
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Loss for the year |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
At 31 December 2023 |
10,000 |
402,900 |
665,264 |
853,621 |
1,931,785 |
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These 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.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows.
Mauveworx Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to presentation of a cash flow statement..
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Prior period errors
A prior year adjustment has been recognised in relation to the deferred tax provision due to the fact revenue relief has been claimed for development costs and therefore the intangible assets should have been included within the deferred tax position. The result of this error is an increase to the deferred tax provision of £388,508 which has resulted in the profit/(loss) after tax for the year ended 31 December 2023 decreasing to a £539,958 loss and therefore retained earnings reducing to £853,621. Profit/(loss) before tax remains unchanged.
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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
|
Leasehold Improvements |
20% on cost, straight line over 20 years, 10% on cost, and 8 years |
|
Plant and machinery |
33% on cost, 20% on cost, 10% on cost, straight line over 20 years, and straight line over 6 years |
|
Fixtures and fittings |
20% on cost, straight line over 3 years, straight line over 6 years, and straight line over 8 years |
|
Motor vehicles |
25% on cost |
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Computer equipment |
33% on cost and 25% on cost |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any 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 |
|
Computer software |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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.
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 inventories 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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
2 |
Accounting policies (continued) |
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.
|
Turnover |
The analysis of the company's turnover for the year by class of business is as follows:
|
2024 |
2023 |
|
|
Print sales |
|
|
|
Creative |
|
|
|
Fulfilment |
|
|
|
Other |
1,227,092 |
1,159,831 |
|
|
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Rent |
|
|
|
Hire of plant and machinery |
|
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Auditor's remuneration - The audit of the company's annual accounts |
9,400 |
9,200 |
|
Auditors' remuneration - non audit work |
4,285 |
4,130 |
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production and sales |
|
|
|
Administration and support |
|
|
|
Directors |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Emoluments |
|
|
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
(As restated) |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from changes in tax rates and laws |
- |
|
|
Total deferred taxation |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The company has no tax charge in the current year due to carried forward losses.
The current year corporation tax credit relates to R&D tax credits for prior periods.
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Intangible assets |
|
Product development costs |
Internally generated software development costs |
Computer software |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions internally developed |
- |
|
- |
|
|
Additions acquired separately |
- |
- |
|
|
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At 31 December 2024 |
|
|
|
|
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Amortisation |
||||
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At 1 January 2024 |
- |
- |
|
|
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Amortisation charge |
- |
- |
|
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At 31 December 2024 |
- |
- |
|
|
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Carrying amount |
||||
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At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
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Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Tangible assets |
|
Leasehold improvements |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
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Additions |
|
|
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
- |
|
|
At 31 December 2023 |
|
|
|
|
- |
|
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
10 |
Tangible assets (continued) |
Revaluation
The fair value of the company's Plant and machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
- |
|
|
|
Social security and other taxes |
|
|
|
|
VAT |
125,658 |
175,074 |
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Provisions used |
( |
( |
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,600 |
|
2,600 |
|
|
|
2,500 |
|
2,500 |
|
|
|
2,400 |
|
2,400 |
|
|
|
2,500 |
|
2,500 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary A, B, C and D have the following rights, preferences and restrictions: |
|
Reserves |
Share premium
The share premium reserve contains the premium arising on equity shares. net of issue expenses.
Retained earnings
The profit and loss reserve represents cumulative profits and losses, met of dividends paid.
Revaluation reserve
The revaluation reserve represents the movement of gains and losses from the re-valuation of fixed assets.
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Other loans (1-2 yrs) |
32,247 |
62,269 |
|
Other loans (2-5 yrs) |
- |
32,268 |
|
Directors loan accounts (1-2 yrs) |
1,388,999 |
1,286,034 |
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Other loans - under 1yr |
|
|
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
Mauveworx Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Related party transactions |
The parent company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
The key management personnel are the directors. Information of key management remuneration is shown in note 4 of these financial statements.
As at the balance sheet date, the company owes the director, Mr R Parker, £1,388,999 (2023: £1,286,034) in respect of a Directors Loan Account. This loan is secured and is issued on an arms length basis at a market rate of interest. The period of repayment of the loan has been extended from 31 December 2021 to 31 December 2025.
As at the balance sheet date, the company owes the director, Mr R Parker, £109,516 (2023: £169,079) in respect of an Other Loan. This loan is issued on an arms length basis at a market rate of interest. The period of repayment of the loan is 3 years to 30 June 2026.
A total of £96,311 (2023: £92,219) was paid to a company that is owned and controlled by a director of Mauveworx Limited within the year.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the parents registered office.