Company No: 13116595 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

J R Jones

REGISTERED OFFICE	6 Manor Mews
	Bridge Street
	St. Ives
	PE27 5UW
	United Kingdom

COMPANY NUMBER

13116595 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	97,392		124,176
Tangible assets	4	22,561		20,005
		119,953		144,181
Current assets
Stocks		779,712		362,332
Debtors	5	1,027,539		507,286
Cash at bank and in hand		274,193		210,567
		2,081,444		1,080,185
Creditors: amounts falling due within one year	6	( 1,903,419)		( 796,002)
Net current assets		178,025		284,183
Total assets less current liabilities		297,978		428,364
Provision for liabilities	7	( 12,379)		( 36,045)
Net assets		285,599		392,319
Capital and reserves
Called-up share capital		100		100
Profit and loss account		285,499		392,219
Total shareholder's funds		285,599		392,319

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Mauvais Limited (registered number: 13116595) were approved and authorised for issue by the Director on 31 October 2025. They were signed on its behalf by:

J R Jones Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mauvais Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 6 Manor Mews, Bridge Street, St. Ives, PE27 5UW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Mauvais Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment	20 % reducing balance
Computer equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	18		20

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 February 2024	132,200		132,200
Additions	25,150		25,150
At 31 January 2025	157,350		157,350
Accumulated amortisation
At 01 February 2024	8,024		8,024
Charge for the financial year	51,934		51,934
At 31 January 2025	59,958		59,958
Net book value
At 31 January 2025	97,392		97,392
At 31 January 2024	124,176		124,176

4. Tangible assets

	Office equipment		Computer equipment		Total
	£		£		£
Cost
At 01 February 2024	4,201		22,752		26,953
Additions	0		8,499		8,499
At 31 January 2025	4,201		31,251		35,452
Accumulated depreciation
At 01 February 2024	547		6,401		6,948
Charge for the financial year	731		5,212		5,943
At 31 January 2025	1,278		11,613		12,891
Net book value
At 31 January 2025	2,923		19,638		22,561
At 31 January 2024	3,654		16,351		20,005

5. Debtors

	2025		2024
	£		£
Trade debtors	213,051		28,126
Amounts owed by Group undertakings	0		2,135
Corporation tax	78,274		36,164
Other debtors	736,214		440,861
	1,027,539		507,286

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		9,549
Trade creditors	292,311		288,146
Amounts owed to own subsidiaries	41,761		0
Other loans	1,120,000		0
Accruals	25,042		26,025
Taxation and social security	181,124		250,302
Other creditors	243,181		221,980
	1,903,419		796,002

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 36,045)		0
Credited/(charged) to the Statement of Income and Retained Earnings	23,666		( 36,045)
At the end of financial year	( 12,379)		( 36,045)

8. Financial commitments

Commitments

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

	2025		2024
	£		£
within one year	9,850		19,700
between one and five years	0		9,850
Total future minimum lease payments under non-cancellable operating leases	9,850		29,550

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
Amounts due (to)/from the related party	(41,761)		2,135
Amounts due from the related party in trade debtors	193,620		0

The amounts due (to)/from the related party are unsecured, non-interest bearing and repayable on demand.

Transactions with the entity's director

	2025		2024
	£		£
Amounts due from the director	231,923		107,154

The amounts due from the director incurred interest of £4,018 (2024: £897) during the year.