Company Registration No. 11517267 (England and Wales)
MAVIN GLOBAL HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
MAVIN GLOBAL HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MAVIN GLOBAL HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
Notes
$
$
Fixed assets
Intangible assets
4
4,087,500
Investments
5
1
Current assets
Debtors
7
3,276,077
Creditors: amounts falling due within one year
8
(455,352)
Net current assets
2,820,725
Total assets less current liabilities
6,908,226
Capital and reserves
Called up share capital
9
25
Share premium account
9,494,975
Profit and loss reserves
(2,586,774)
Total equity
6,908,226
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 9 November 2020 and are signed on its behalf by:
Tega Oghenejobo
Director
Company Registration No. 11517267
MAVIN GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Mavin Global Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5th Floor One New Change, London, United Kingdom, EC4M 9AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
US dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents
intellectual property and various other intangible assets. We are unable to identify and quantify these intangible assets. Therefore, these intangible assets have been treated as Goodwill.
It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill has been amortised over 10 years.
1.4
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets include debtors.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired
.
MAVIN GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities include creditors. Creditors are not interest bearing and are stated at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 0
.
3
Taxation
There is no UK corporation tax charge for the current period due to the incidence of tax losses.
MAVIN GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 4 -
4
Intangible fixed assets
Goodwill
$
Cost
At 14 August 2018
-
Additions
4,500,000
At 31 December 2019
4,500,000
Amortisation and impairment
At 14 August 2018
-
Amortisation charged for the period
412,500
At 31 December 2019
412,500
Carrying amount
At 31 December 2019
4,087,500
5
Fixed asset investments
2019
$
Investments
1
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
MG Entertainment Nigeria Limited
Nigeria
Record Label
Ordinary
99.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
$
$
MG Entertainment Nigeria Limited
(80,974)
(80,947)
MAVIN GLOBAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 5 -
7
Debtors
2019
Amounts falling due within one year:
$
Trade debtors
757,221
Amounts owed by group undertakings
1,765,780
Other debtors
753,076
3,276,077
8
Creditors: amounts falling due within one year
2019
$
Trade creditors
450,630
Other creditors
4,722
455,352
9
Called up share capital
2019
$
Preference share capital
Issued and fully paid
1,000 Series A Preferred share of $0.0125 each
12.50
1,000 Series B Preferred share of $0.0125 each
12.50
25
During the period
1,000 Series A preferred
shares
were issued with a nominal value
of
$0.0125 each
and the amount of consideration paid was $4,995,000 resulting in a share premium of $4,994,988.
During the period
1,000 Series B preferred
shares
were issued with a nominal value
of
$0.0125 each. The amount of consideration paid was $4,500,000. This results in a share premium of $4,994,988.
10
Related party transactions
Included in other debtors is an amount of $1,765,780 due from the subsidiary, MG Entertainment Nigeria Limited. The loan is interest free and is repayable on demand.
During the period, MG Entertainment Nigeria Limited provided management services to the company amounting to $1,561,300.
Included in other debtors is an amount due from the shareholder, Kupanda MG Holdings LLC of $54,285. The loan is interest free and is repayable on demand.
Included in other debtors is an amount due from the shareholder, Michael Collins Ajereh of $600,000. The loan is interest free and is repayable on demand.