Company Registration No. 13779583 (England and Wales)
Minerva Defence Ltd
Unaudited accounts
for the year ended 31 December 2024
Minerva Defence Ltd
Unaudited accounts
Contents
Minerva Defence Ltd
Company Information
for the year ended 31 December 2024
Directors
Dr Carl Joseph Salji
Dr Joseph Humphrey John Fisher
Company Number
13779583 (England and Wales)
Registered Office
128 City Road
London
EC1V2NX
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Minerva Defence Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
162,886
36,967
Cash at bank and in hand
2,106,738
339,930
Creditors: amounts falling due within one year
(135,537)
(181,621)
Net current assets
2,003,946
416,808
Total assets less current liabilities
2,166,832
453,775
Provisions for liabilities
Deferred tax
(30,140)
(4,783)
Net assets
2,136,692
448,992
Called up share capital
100
100
Capital contribution reserve
1,912,500
-
Profit and loss account
224,092
448,892
Shareholders' funds
2,136,692
448,992
For the 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by
Dr Joseph Humphrey John Fisher
Director
Company Registration No. 13779583
Minerva Defence Ltd
Notes to the Accounts
for the year ended 31 December 2024
Minerva Defence Ltd is a private company, limited by shares, registered in England and Wales, registration number 13779583. The registered office is 128 City Road, London, EC1V2NX.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Minerva Defence Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 years straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
4 years straight line
Computer equipment
3 years straight line
Minerva Defence Ltd
Notes to the Accounts
for the year ended 31 December 2024
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2024
10,802
11,900
9,895
11,481
44,078
Additions
24,437
-
87,876
42,368
154,681
At 31 December 2024
35,239
11,900
97,771
53,849
198,759
At 1 January 2024
1,475
3,043
1,221
1,372
7,111
Charge for the year
7,821
2,214
10,088
8,639
28,762
At 31 December 2024
9,296
5,257
11,309
10,011
35,873
At 31 December 2024
25,943
6,643
86,462
43,838
162,886
At 31 December 2023
9,327
8,857
8,674
10,109
36,967
Amounts falling due within one year
Accrued income and prepayments
31,871
252,985
Minerva Defence Ltd
Notes to the Accounts
for the year ended 31 December 2024
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
44,336
136,525
Other creditors
12,340
3,203
Loans from directors
-
1,725
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Dr Joseph Humphrey John Fisher
Directors' loans are interest-free and repayable on demand.
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Average number of employees
During the year the average number of employees was 10 (2023: 3).