MAV Services Ltd Company Accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2016-10-01 Sage Accounts Production Advanced 2017 Update 3 - FRS 20,000 20,000 xbrli:pure xbrli:shares iso4217:GBP 04913587 2016-10-01 2017-09-30 04913587 2017-09-30 04913587 2016-09-30 04913587 2015-10-01 2016-09-30 04913587 2016-09-30 04913587 core:NetGoodwill 2016-10-01 2017-09-30 04913587 core:LandBuildings core:LongLeaseholdAssets 2016-10-01 2017-09-30 04913587 core:PlantMachinery 2016-10-01 2017-09-30 04913587 core:FurnitureFittings 2016-10-01 2017-09-30 04913587 core:MotorVehicles 2016-10-01 2017-09-30 04913587 bus:Director3 2016-10-01 2017-09-30 04913587 core:NetGoodwill 2017-09-30 04913587 core:LandBuildings 2016-09-30 04913587 core:PlantMachinery 2016-09-30 04913587 core:FurnitureFittings 2016-09-30 04913587 core:MotorVehicles 2016-09-30 04913587 core:LandBuildings 2017-09-30 04913587 core:PlantMachinery 2017-09-30 04913587 core:FurnitureFittings 2017-09-30 04913587 core:MotorVehicles 2017-09-30 04913587 core:WithinOneYear 2017-09-30 04913587 core:WithinOneYear 2016-09-30 04913587 core:ShareCapital 2015-10-01 2016-09-30 04913587 core:CapitalRedemptionReserve 2015-10-01 2016-09-30 04913587 core:RetainedEarningsAccumulatedLosses 2015-10-01 2016-09-30 04913587 core:RetainedEarningsAccumulatedLosses 2016-10-01 2017-09-30 04913587 core:ShareCapital 2017-09-30 04913587 core:ShareCapital 2016-09-30 04913587 core:CapitalRedemptionReserve 2017-09-30 04913587 core:CapitalRedemptionReserve 2016-09-30 04913587 core:RetainedEarningsAccumulatedLosses 2017-09-30 04913587 core:RetainedEarningsAccumulatedLosses 2016-09-30 04913587 core:ShareCapital 2015-09-30 04913587 core:RetainedEarningsAccumulatedLosses 2015-09-30 04913587 core:RestatedAmount 2015-09-30 04913587 core:RestatedAmount 2016-09-30 04913587 core:PlantMachinery 2016-09-30 04913587 core:FurnitureFittings 2016-09-30 04913587 core:MotorVehicles 2016-09-30 04913587 bus:FRS102 2016-10-01 2017-09-30 04913587 bus:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 04913587 bus:FullAccounts 2016-10-01 2017-09-30 04913587 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-30 04913587 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30

COMPANY REGISTRATION NUMBER: 04913587

MAV Services Ltd

Filleted Unaudited Financial Statements

30 September 2017

MAV Services Ltd

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

MAV Services Ltd

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		68,887	50,284

Current assets

Debtors	7	116,472	105,975
Cash at bank and in hand		62,184	49,818
		---------	---------
		178,656	155,793

Creditors: amounts falling due within one year	8	118,624		139,449
		---------		---------
Net current assets			60,032	16,344
			---------	--------
Total assets less current liabilities			128,919	66,628

Provisions

Taxation including deferred tax	5,922	–
	---------	--------
Net assets	122,997	66,628
	---------	--------

Capital and reserves

Called up share capital	1	1
Capital redemption reserve	1	1
Profit and loss account	122,995	66,626
	---------	--------
Shareholders funds	122,997	66,628
	---------	--------

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 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 year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MAV Services Ltd

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 26 February 2018 , and are signed on behalf of the board by:

Mr I Walton
Director

Company registration number: 04913587

MAV Services Ltd

Statement of Changes in Equity

Year ended 30 September 2017

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£
At 1 October 2015	2	–	199,498	199,500

Profit for the year			89,628	89,628
	----	----	---------	---------
Total comprehensive income for the year	–	–	89,628	89,628

Issue of bonus shares	–	1	–	1
Dividends paid and payable	–	–	( 30,000)	( 30,000)
Cancellation of subscribed capital	( 1)	–	( 192,500)	( 192,501)
	----	----	---------	---------
Total investments by and distributions to owners	( 1)	1	( 222,500)	( 222,500)

At 30 September 2016	1	1	66,626	66,628

Profit for the year			90,369	90,369
	----	----	---------	---------
Total comprehensive income for the year	–	–	90,369	90,369

Dividends paid and payable	–	–	( 34,000)	( 34,000)
	----	----	--------	--------
Total investments by and distributions to owners	–	–	( 34,000)	( 34,000)

	----	----	---------	---------
At 30 September 2017	1	1	122,995	122,997
	----	----	---------	---------

MAV Services Ltd

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5 Hills Court, Transbritannia Enterprise Park, Blaydon-On-Tyne, England, NE21 5NH.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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:

	Goodwill	-	10% straight line

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	10% straight line
Plant and machinery	-	20% reducing balance
Fixtures and equipment	-	20% reducing balance
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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2016 and 30 September 2017	20,000
	--------
Amortisation
At 1 October 2016 and 30 September 2017	20,000
	--------
Carrying amount
At 30 September 2017	–
	--------
At 30 September 2016	–
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 October 2016	23,540	223,396	53,202	26,672	326,810
Additions	–	–	31,731	–	31,731
	--------	---------	--------	--------	---------
At 30 September 2017	23,540	223,396	84,933	26,672	358,541
	--------	---------	--------	--------	---------
Depreciation
At 1 October 2016	23,540	190,678	38,172	24,136	276,526
Charge for the year	–	6,544	5,457	1,127	13,128
	--------	---------	--------	--------	---------
At 30 September 2017	23,540	197,222	43,629	25,263	289,654
	--------	---------	--------	--------	---------
Carrying amount
At 30 September 2017	–	26,174	41,304	1,409	68,887
	--------	---------	--------	--------	---------
At 30 September 2016	–	32,718	15,030	2,536	50,284
	--------	---------	--------	--------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	37,317	34,512
Other debtors	79,155	71,463
	---------	---------
	116,472	105,975
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	82,143	96,428
Trade creditors	3	3
Corporation tax	19,282	27,099
Social security and other taxes	15,396	13,432
Other creditors	1,800	2,487
	---------	---------
	118,624	139,449
	---------	---------

9. Related party transactions

During the year, Mr I Walton , the director and shareholder of the company, repaid £10,900 of the loan previously extended by the company. The total amount owing to the company as at 30 September 2017 was £48,100 (2016: £59,000), and this is included within Other debtors in Note 8 to these financial statements. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.