ML Ventures Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06453748

ML VENTURES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

29 December 2024

ML VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION

29 December 2024

	29 Dec 24		31 Dec 23
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,375	2,875
Tangible assets	6	195,454	264,872
		--------	--------
		196,829	267,747

Current assets

Stocks	7	60,244	50,207
Debtors	8	251,261	210,038
Cash at bank and in hand		902,885	667,223
		-----------	--------
		1,214,390	927,468

Creditors: amounts falling due within one year	9	( 809,900)		( 911,404)
		-----------		--------
Net current assets			404,490		16,064
			--------		--------
Total assets less current liabilities			601,319		283,811

Provisions

Other provisions	( 15,089)	( 19,385)
	--------	--------
Net assets	586,230	264,426
	--------	--------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		586,130	264,326
		--------	--------
Total shareholders' funds		586,230	264,426
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 29 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

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

ML VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

29 December 2024

These financial statements were approved by the board of directors and authorised for issue on 3 October 2025 , and are signed on behalf of the board by:

M S Grewal

Director

Company registration number: 06453748

ML VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 JANUARY 2024 TO 29 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

These financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the company. After reviewing the company's forecasts and projections, the directors are satisfied that the company has sufficient resources to continue in operational existence and will be able to meet its debts as they fall due for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and rebates allowed by the company and value added taxes. The company operates pizza stores for the production and sale of pizzas. Sales of pizzas are recognised when the significant risks and rewards of ownership have transferred to the buyer. This is on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expenses over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Franchise fees	-	Straight line basis over the term on the franchise agreement

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	Straight line basis over the term of the trading property lease period
Fixtures, fittings and equipment	-	10 - 20% straight line basis
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Basic financial assets, which include trade, other receivables, loans to other related parties and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 176 (2023: 191 ).

5. Intangible assets

	Franchise fees
	£
Cost
At 1 January 2024 and 29 December 2024	33,750
	-------
Accumulated amortisation
At 1 January 2024	30,875
Charge for the period	1,500
	-------
At 29 December 2024	32,375
	-------
Carrying amount
At 29 December 2024	1,375
	-------
At 31 December 2023	2,875
	-------

6. Tangible assets

	Leasehold improvements	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	535,956	892,932	30,762	1,459,650
Additions	–	12,540	–	12,540
Disposals	–	( 35,449)	–	( 35,449)
	--------	--------	-------	-----------
At 29 December 2024	535,956	870,023	30,762	1,436,741
	--------	--------	-------	-----------
Accumulated depreciation
At 1 January 2024	466,912	700,827	27,039	1,194,778
Charge for the period	23,358	45,905	930	70,193
Disposals	–	( 23,684)	–	( 23,684)
	--------	--------	-------	-----------
At 29 December 2024	490,270	723,048	27,969	1,241,287
	--------	--------	-------	-----------
Carrying amount
At 29 December 2024	45,686	146,975	2,793	195,454
	--------	--------	-------	-----------
At 31 December 2023	69,044	192,105	3,723	264,872
	--------	--------	-------	-----------

7. Stocks

	29 Dec 24	31 Dec 23
	£	£
Raw materials and consumables	60,244	50,207
	-------	-------

The difference between purchase price of stocks and their replacement cost is not material.

8. Debtors

	29 Dec 24	31 Dec 23
	£	£
Trade debtors	84,729	44,596
Amounts owed by group undertakings	15,000	15,000
Deferred tax asset	23,288	20,694
Other debtors	128,244	129,748
	--------	--------
	251,261	210,038
	--------	--------

The debtors above include the following amounts falling due after more than one year:

	29 Dec 24	31 Dec 23
	£	£
Other debtors	30,179	71,373
	-------	-------

9. Creditors: amounts falling due within one year

	29 Dec 24	31 Dec 23
	£	£
Trade creditors	163,091	182,832
Corporation tax	9,334	70,978
Social security and other taxes	325,069	329,156
Other creditors	312,406	328,438
	--------	--------
	809,900	911,404
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	29 Dec 24		31 Dec 23
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	29 Dec 24	31 Dec 23
	£	£
Not later than 1 year	138,500	138,500
Later than 1 year and not later than 5 years	554,000	554,000
Later than 5 years	765,041	903,162
	-----------	-----------
	1,457,541	1,595,662
	-----------	-----------

12. Controlling party

The immediate and ultimate parent company is MLV Holdco Limited, a company incorporated in England and Wales. The ultimate controlling party is the director M S Grewal .