false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-02-01
Sage Accounts Production Advanced 2017 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07911495
2016-02-01
2017-01-31
07911495
2017-01-31
07911495
2016-01-31
07911495
2015-02-01
2016-01-31
07911495
2016-01-31
07911495
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2016-02-01
2017-01-31
07911495
core:FurnitureFittings
2016-02-01
2017-01-31
07911495
core:MotorVehicles
2016-02-01
2017-01-31
07911495
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2016-02-01
2017-01-31
07911495
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2016-02-01
2017-01-31
07911495
bus:Director1
2016-02-01
2017-01-31
07911495
core:PlantMachinery
2016-01-31
07911495
core:FurnitureFittings
2016-01-31
07911495
core:MotorVehicles
2016-01-31
07911495
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2017-01-31
07911495
core:FurnitureFittings
2017-01-31
07911495
core:MotorVehicles
2017-01-31
07911495
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2017-01-31
07911495
core:WithinOneYear
2016-01-31
07911495
core:AfterOneYear
2017-01-31
07911495
core:AfterOneYear
2016-01-31
07911495
core:ShareCapital
2017-01-31
07911495
core:ShareCapital
2016-01-31
07911495
core:RetainedEarningsAccumulatedLosses
2017-01-31
07911495
core:RetainedEarningsAccumulatedLosses
2016-01-31
07911495
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2017-01-31
07911495
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2016-01-31
07911495
core:PlantMachinery
2016-01-31
07911495
core:FurnitureFittings
2016-01-31
07911495
core:MotorVehicles
2016-01-31
07911495
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2016-01-31
07911495
bus:Director1
2017-01-31
07911495
bus:Director1
2015-01-31
07911495
bus:Director1
2016-01-31
07911495
bus:Director1
2015-02-01
2016-01-31
07911495
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2016-02-01
2017-01-31
07911495
bus:AuditExemptWithAccountantsReport
2016-02-01
2017-01-31
07911495
bus:FullAccounts
2016-02-01
2017-01-31
07911495
bus:SmallCompaniesRegimeForAccounts
2016-02-01
2017-01-31
07911495
bus:PrivateLimitedCompanyLtd
2016-02-01
2017-01-31
07911495
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2016-02-01
2017-01-31
07911495
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
2016-02-01
2017-01-31
COMPANY REGISTRATION NUMBER:
07911495
Unaudited Financial Statements
|
|
PAUL PHILLIS & CO LIMITED
Chartered accountant
11a Corelli Street
Newport
South Wales
NP19 7AR
Year ended 31 January 2017
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
|
1
|
|
|
Statement of income and retained earnings
|
0
|
|
|
Statement of financial position
|
2 to 3
|
|
|
Notes to the financial statements
|
4 to 8
|
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
MVR Solutions Limited
|
|
Year ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MVR Solutions Limited for the year ended 31 January 2017, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of MVR Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 30 October 2014. Our work has been undertaken solely to prepare for your approval the financial statements of MVR Solutions Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MVR Solutions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MVR Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MVR Solutions Limited. You consider that MVR Solutions Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MVR Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PAUL PHILLIS & CO LIMITED
Chartered accountant
11a Corelli Street
Newport
South Wales
NP19 7AR
16 August 2017
Statement of Financial Position
|
|
31 January 2017
Fixed assets
Tangible assets
|
6
|
|
100,063
|
61,990
|
|
|
|
|
|
Current assets
Stocks
|
7
|
873
|
|
651
|
Debtors
|
8
|
82,493
|
|
68,806
|
Cash at bank and in hand
|
265,752
|
|
156,861
|
|
---------
|
|
---------
|
|
349,118
|
|
226,318
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
9
|
231,796
|
|
178,729
|
|
---------
|
|
---------
|
Net current assets
|
|
117,322
|
47,589
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
217,385
|
109,579
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
10
|
|
26,642
|
27,485
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
19,288
|
11,191
|
|
|
---------
|
---------
|
Net assets
|
|
171,455
|
70,903
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
171,355
|
70,803
|
|
|
---------
|
--------
|
Members funds
|
|
171,455
|
70,903
|
|
|
---------
|
--------
|
|
|
|
|
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 income statement has not been delivered.
For the year ending 31 January 2017 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 year 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
.
Statement of Financial Position (continued)
|
|
31 January 2017
These financial statements were approved by the
board of directors
and authorised for issue on
9 August 2017
, and are signed on behalf of the board by:
Company registration number:
07911495
Notes to the Financial Statements
|
|
Year ended 31 January 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 4 Mariner Way, Felnex Industrial Estate, Newport, South Wales, NP19 4PQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.
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.
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:
|
Plant and Machinery
|
-
|
20% reducing balance
|
|
Fixtures and Fittings
|
-
|
20% reducing balance
|
|
Motor Vehicles
|
-
|
25% reducing balance
|
|
|
|
|
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
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
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.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to 4 (2016: 3).
5.
Profit before taxation
Profit before taxation is stated after charging:
|
2017
|
2016
|
|
£
|
£
|
Depreciation of tangible assets
|
28,124
|
14,857
|
|
--------
|
--------
|
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 February 2016
|
55,503
|
2,765
|
33,502
|
91,770
|
Additions
|
36,482
|
–
|
29,715
|
66,197
|
|
--------
|
-------
|
--------
|
---------
|
At 31 January 2017
|
91,985
|
2,765
|
63,217
|
157,967
|
|
--------
|
-------
|
--------
|
---------
|
Depreciation
|
|
|
|
|
At 1 February 2016
|
15,873
|
426
|
13,481
|
29,780
|
Charge for the year
|
15,222
|
468
|
12,434
|
28,124
|
|
--------
|
-------
|
--------
|
---------
|
At 31 January 2017
|
31,095
|
894
|
25,915
|
57,904
|
|
--------
|
-------
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 January 2017
|
60,890
|
1,871
|
37,302
|
100,063
|
|
--------
|
-------
|
--------
|
---------
|
At 31 January 2016
|
39,630
|
2,339
|
20,021
|
61,990
|
|
--------
|
-------
|
--------
|
---------
|
|
|
|
|
|
7.
Stocks
|
2017
|
2016
|
|
£
|
£
|
Raw materials and consumables
|
873
|
651
|
|
----
|
----
|
|
|
|
8.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
74,849
|
58,890
|
Other debtors
|
7,644
|
9,916
|
|
--------
|
--------
|
|
82,493
|
68,806
|
|
--------
|
--------
|
|
|
|
9.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
140,017
|
115,833
|
Corporation tax
|
25,785
|
22,032
|
Social security and other taxes
|
4,919
|
2,407
|
Other creditors
|
61,075
|
38,457
|
|
---------
|
---------
|
|
231,796
|
178,729
|
|
---------
|
---------
|
|
|
|
10.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Other creditors
|
26,642
|
27,485
|
|
--------
|
--------
|
|
|
|
There is no amount included within creditors that is either secured or due for repayment after more than five years after the balance sheet date.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
£
|
£
|
Later than 1 year and not later than 5 years
|
14,103
|
14,238
|
|
--------
|
--------
|
|
|
|
The company operates from premises on a short term licence basis and therefore has no lease commitments in respect of business premises.
12.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2017
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mr J. Moore
|
(
27,485)
|
12,842
|
(
11,999)
|
(
26,642)
|
|
|
--------
|
--------
|
--------
|
--------
|
|
|
|
|
|
|
|
2016
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mr J. Moore
|
(
44,445)
|
16,960
|
–
|
(
27,485)
|
|
|
--------
|
--------
|
----
|
--------
|
|
|
|
|
|
|
13.
Related party transactions
The company was under the control of the director Mr S.C. Moore and members of his family by virtue of their shareholdings. The company operates from premises that are owned by the director
Mr S.C. Moore and his spouse Mrs J. Moore
. Rent charged in the year for the use of these premises was £40,200 (2016 - £33,000)
. The directors Mr S.C. Moore and Mr J. Moore
and also directors and shareholder of Exact Payroll Limited
. During the course of the year, Exact Payroll Limited provided services to the company on normal commercial terms amounting to £384,964 (2016 - £433,098).
Included in creditors is a loan of £26,642 (2016 - £27,845) to the company from the director Mr S.C. Moore. The loan is not due for repayment until after more than twelve months after the balance sheet date.
14.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.